id	sid	tid	token	lemma	pos
ftr-312	1	1	florida	florida	PROPN
ftr-312	1	2	tax	tax	PROPN
ftr-312	1	3	review	review	PROPN
ftr-312	1	4	florida	florida	PROPN
ftr-312	1	5	tax	tax	NOUN
ftr-312	1	6	review	review	NOUN
ftr-312	1	7	volume	volume	NOUN
ftr-312	1	8	14	14	NUM
ftr-312	1	9	2013	2013	NUM
ftr-312	1	10	number	number	NOUN
ftr-312	1	11	8	8	NUM
ftr-312	1	12	319	319	NUM
ftr-312	1	13	startup	startup	PROPN
ftr-312	1	14	ltd	ltd	PROPN
ftr-312	1	15	.	.	PROPN
ftr-312	1	16	:	:	PUNCT
ftr-312	2	1	tax	tax	NOUN
ftr-312	2	2	planning	planning	NOUN
ftr-312	2	3	and	and	CCONJ
ftr-312	2	4	initial	initial	ADJ
ftr-312	2	5	incorporation	incorporation	NOUN
ftr-312	2	6	location	location	NOUN
ftr-312	2	7	by	by	ADP
ftr-312	2	8	susan	susan	PROPN
ftr-312	2	9	c.	c.	PROPN
ftr-312	2	10	morse	morse	PROPN
ftr-312	2	11	*	*	PUNCT
ftr-312	2	12	i.	i.	PROPN
ftr-312	2	13	introduction	introduction	NOUN
ftr-312	2	14	.............................................................................	.............................................................................	PUNCT
ftr-312	2	15	320	320	NUM
ftr-312	2	16	ii	ii	NOUN
ftr-312	2	17	.	.	PUNCT
ftr-312	3	1	why	why	SCONJ
ftr-312	3	2	startups	startup	NOUN
ftr-312	3	3	’	'	PUNCT
ftr-312	3	4	place	place	NOUN
ftr-312	3	5	of	of	ADP
ftr-312	3	6	incorporation	incorporation	NOUN
ftr-312	3	7	matters	matter	NOUN
ftr-312	3	8	for	for	ADP
ftr-312	3	9	tax	tax	NOUN
ftr-312	3	10	........................................................................................	........................................................................................	PUNCT
ftr-312	3	11	322	322	NUM
ftr-312	3	12	a.	a.	NOUN
ftr-312	3	13	being	be	AUX
ftr-312	3	14	a	a	DET
ftr-312	3	15	us	us	PROPN
ftr-312	3	16	-	-	PUNCT
ftr-312	3	17	parented	parent	VERB
ftr-312	3	18	mnc	mnc	PROPN
ftr-312	3	19	...............................................	...............................................	PUNCT
ftr-312	3	20	322	322	NUM
ftr-312	3	21	b.	b.	NOUN
ftr-312	3	22	being	be	AUX
ftr-312	3	23	a	a	DET
ftr-312	3	24	non	non	ADJ
ftr-312	3	25	-	-	ADJ
ftr-312	3	26	us	we	PRON
ftr-312	3	27	-	-	PUNCT
ftr-312	3	28	parented	parent	VERB
ftr-312	3	29	mnc	mnc	PROPN
ftr-312	3	30	.......................................	.......................................	PROPN
ftr-312	3	31	326	326	NUM
ftr-312	3	32	iii	iii	NOUN
ftr-312	3	33	.	.	PUNCT
ftr-312	4	1	us	us	PROPN
ftr-312	4	2	incorporation	incorporation	NOUN
ftr-312	4	3	:	:	PUNCT
ftr-312	4	4	a	a	DET
ftr-312	4	5	dominant	dominant	ADJ
ftr-312	4	6	structure	structure	NOUN
ftr-312	4	7	with	with	ADP
ftr-312	4	8	exceptions	exception	NOUN
ftr-312	4	9	..................................................................................	..................................................................................	PUNCT
ftr-312	4	10	329	329	NUM
ftr-312	4	11	a.	a.	NOUN
ftr-312	4	12	us	us	PROPN
ftr-312	4	13	-	-	PUNCT
ftr-312	4	14	based	base	VERB
ftr-312	4	15	startups	startup	NOUN
ftr-312	4	16	generally	generally	ADV
ftr-312	4	17	incorporate	incorporate	VERB
ftr-312	4	18	in	in	ADP
ftr-312	4	19	the	the	DET
ftr-312	4	20	us	us	PROPN
ftr-312	4	21	.......	.......	PUNCT
ftr-312	4	22	329	329	NUM
ftr-312	4	23	b.	b.	NOUN
ftr-312	4	24	exceptions	exception	NOUN
ftr-312	4	25	.........................................................................	.........................................................................	PUNCT
ftr-312	5	1	334	334	NUM
ftr-312	5	2	iv	iv	NOUN
ftr-312	5	3	.	.	PUNCT
ftr-312	6	1	explaining	explain	VERB
ftr-312	6	2	the	the	DET
ftr-312	6	3	dominant	dominant	ADJ
ftr-312	6	4	structure	structure	NOUN
ftr-312	6	5	.......................................	.......................................	PUNCT
ftr-312	6	6	337	337	NUM
ftr-312	6	7	a.	a.	NOUN
ftr-312	6	8	limited	limit	VERB
ftr-312	6	9	tax	tax	NOUN
ftr-312	6	10	benefits	benefit	NOUN
ftr-312	6	11	of	of	ADP
ftr-312	6	12	a	a	DET
ftr-312	6	13	non	non	ADJ
ftr-312	6	14	-	-	ADJ
ftr-312	6	15	us	us	ADJ
ftr-312	6	16	-	-	PUNCT
ftr-312	6	17	parent	parent	NOUN
ftr-312	6	18	structure	structure	NOUN
ftr-312	6	19	........	........	PUNCT
ftr-312	6	20	337	337	NUM
ftr-312	6	21	b.	b.	NOUN
ftr-312	6	22	legal	legal	ADJ
ftr-312	6	23	benefits	benefit	NOUN
ftr-312	6	24	of	of	ADP
ftr-312	6	25	a	a	DET
ftr-312	6	26	us	us	PROPN
ftr-312	6	27	-	-	PUNCT
ftr-312	6	28	parent	parent	NOUN
ftr-312	6	29	structure	structure	NOUN
ftr-312	6	30	...........................	...........................	PUNCT
ftr-312	6	31	339	339	NUM
ftr-312	6	32	c.	c.	NOUN
ftr-312	6	33	liquidity	liquidity	NOUN
ftr-312	6	34	and	and	CCONJ
ftr-312	6	35	other	other	ADJ
ftr-312	6	36	resource	resource	NOUN
ftr-312	6	37	constraints	constraint	NOUN
ftr-312	6	38	.......................	.......................	PUNCT
ftr-312	6	39	342	342	NUM
ftr-312	6	40	d.	d.	NOUN
ftr-312	6	41	considering	consider	VERB
ftr-312	6	42	future	future	ADJ
ftr-312	6	43	law	law	NOUN
ftr-312	6	44	changes	change	NOUN
ftr-312	6	45	....................................	....................................	PUNCT
ftr-312	6	46	349	349	NUM
ftr-312	6	47	v.	v.	ADP
ftr-312	6	48	theorizing	theorize	VERB
ftr-312	6	49	the	the	DET
ftr-312	6	50	exceptions	exception	NOUN
ftr-312	6	51	:	:	PUNCT
ftr-312	6	52	what	what	PRON
ftr-312	6	53	facilitates	facilitate	VERB
ftr-312	6	54	a	a	DET
ftr-312	6	55	non	non	ADJ
ftr-312	6	56	-	-	ADJ
ftr-312	6	57	us	us	ADJ
ftr-312	6	58	parent	parent	NOUN
ftr-312	6	59	structure	structure	NOUN
ftr-312	6	60	?	?	PUNCT
ftr-312	7	1	...................................................	...................................................	PUNCT
ftr-312	8	1	354	354	NUM
ftr-312	8	2	a.	a.	NOUN
ftr-312	8	3	tax	tax	NOUN
ftr-312	8	4	factors	factor	NOUN
ftr-312	8	5	.......................................................................	.......................................................................	PUNCT
ftr-312	8	6	354	354	NUM
ftr-312	8	7	b.	b.	PROPN
ftr-312	8	8	nontax	nontax	NOUN
ftr-312	8	9	legal	legal	ADJ
ftr-312	8	10	factors	factor	NOUN
ftr-312	8	11	.......................................................	.......................................................	PUNCT
ftr-312	9	1	356	356	NUM
ftr-312	9	2	*	*	PUNCT
ftr-312	9	3	assistant	assistant	NOUN
ftr-312	9	4	professor	professor	NOUN
ftr-312	9	5	,	,	PUNCT
ftr-312	9	6	university	university	PROPN
ftr-312	9	7	of	of	ADP
ftr-312	9	8	texas	texas	PROPN
ftr-312	9	9	school	school	PROPN
ftr-312	9	10	of	of	ADP
ftr-312	9	11	law	law	NOUN
ftr-312	9	12	.	.	PUNCT
ftr-312	10	1	this	this	DET
ftr-312	10	2	project	project	NOUN
ftr-312	10	3	was	be	AUX
ftr-312	10	4	largely	largely	ADV
ftr-312	10	5	completed	complete	VERB
ftr-312	10	6	while	while	SCONJ
ftr-312	10	7	the	the	DET
ftr-312	10	8	author	author	NOUN
ftr-312	10	9	served	serve	VERB
ftr-312	10	10	as	as	ADP
ftr-312	10	11	associate	associate	ADJ
ftr-312	10	12	professor	professor	NOUN
ftr-312	10	13	of	of	ADP
ftr-312	10	14	law	law	NOUN
ftr-312	10	15	at	at	ADP
ftr-312	10	16	uc	uc	PROPN
ftr-312	10	17	hastings	hastings	PROPN
ftr-312	10	18	college	college	PROPN
ftr-312	10	19	of	of	ADP
ftr-312	10	20	the	the	DET
ftr-312	10	21	law	law	NOUN
ftr-312	10	22	,	,	PUNCT
ftr-312	10	23	and	and	CCONJ
ftr-312	10	24	the	the	DET
ftr-312	10	25	uc	uc	PROPN
ftr-312	10	26	hastings	hastings	PROPN
ftr-312	10	27	summer	summer	PROPN
ftr-312	10	28	research	research	PROPN
ftr-312	10	29	stipend	stipend	PROPN
ftr-312	10	30	program	program	NOUN
ftr-312	10	31	provided	provide	VERB
ftr-312	10	32	funding	funding	NOUN
ftr-312	10	33	.	.	PUNCT
ftr-312	11	1	many	many	ADJ
ftr-312	11	2	thanks	thank	NOUN
ftr-312	11	3	for	for	ADP
ftr-312	11	4	helpful	helpful	ADJ
ftr-312	11	5	comments	comment	NOUN
ftr-312	11	6	to	to	ADP
ftr-312	11	7	participants	participant	NOUN
ftr-312	11	8	at	at	ADP
ftr-312	11	9	the	the	DET
ftr-312	11	10	university	university	PROPN
ftr-312	11	11	of	of	ADP
ftr-312	11	12	florida	florida	PROPN
ftr-312	11	13	levin	levin	PROPN
ftr-312	11	14	college	college	PROPN
ftr-312	11	15	of	of	ADP
ftr-312	11	16	law	law	PROPN
ftr-312	11	17	eighth	eighth	ADJ
ftr-312	11	18	annual	annual	ADJ
ftr-312	11	19	international	international	ADJ
ftr-312	11	20	tax	tax	NOUN
ftr-312	11	21	law	law	NOUN
ftr-312	11	22	symposium	symposium	NOUN
ftr-312	11	23	and	and	CCONJ
ftr-312	11	24	at	at	ADP
ftr-312	11	25	the	the	DET
ftr-312	11	26	2013	2013	NUM
ftr-312	11	27	critical	critical	ADJ
ftr-312	11	28	tax	tax	NOUN
ftr-312	11	29	conference	conference	NOUN
ftr-312	11	30	;	;	PUNCT
ftr-312	11	31	to	to	ADP
ftr-312	11	32	eric	eric	PROPN
ftr-312	11	33	allen	allen	PROPN
ftr-312	11	34	,	,	PUNCT
ftr-312	11	35	william	william	PROPN
ftr-312	11	36	dodge	dodge	PROPN
ftr-312	11	37	,	,	PUNCT
ftr-312	11	38	victor	victor	NOUN
ftr-312	11	39	fleischer	fleischer	PROPN
ftr-312	11	40	,	,	PUNCT
ftr-312	11	41	and	and	CCONJ
ftr-312	11	42	stephen	stephen	PROPN
ftr-312	11	43	shay	shay	PROPN
ftr-312	11	44	;	;	PUNCT
ftr-312	11	45	and	and	CCONJ
ftr-312	11	46	to	to	ADP
ftr-312	11	47	participants	participant	NOUN
ftr-312	11	48	in	in	ADP
ftr-312	11	49	workshops	workshop	NOUN
ftr-312	11	50	and	and	CCONJ
ftr-312	11	51	colloquia	colloquium	NOUN
ftr-312	11	52	at	at	ADP
ftr-312	11	53	uc	uc	PROPN
ftr-312	11	54	hastings	hastings	PROPN
ftr-312	11	55	,	,	PUNCT
ftr-312	11	56	santa	santa	PROPN
ftr-312	11	57	clara	clara	PROPN
ftr-312	11	58	university	university	PROPN
ftr-312	11	59	school	school	NOUN
ftr-312	11	60	of	of	ADP
ftr-312	11	61	law	law	NOUN
ftr-312	11	62	,	,	PUNCT
ftr-312	11	63	sturm	sturm	PROPN
ftr-312	11	64	college	college	PROPN
ftr-312	11	65	of	of	ADP
ftr-312	11	66	law	law	NOUN
ftr-312	11	67	at	at	ADP
ftr-312	11	68	the	the	DET
ftr-312	11	69	university	university	PROPN
ftr-312	11	70	of	of	ADP
ftr-312	11	71	denver	denver	PROPN
ftr-312	11	72	,	,	PUNCT
ftr-312	11	73	boston	boston	PROPN
ftr-312	11	74	college	college	PROPN
ftr-312	11	75	school	school	PROPN
ftr-312	11	76	of	of	ADP
ftr-312	11	77	law	law	NOUN
ftr-312	11	78	,	,	PUNCT
ftr-312	11	79	and	and	CCONJ
ftr-312	11	80	the	the	DET
ftr-312	11	81	school	school	NOUN
ftr-312	11	82	of	of	ADP
ftr-312	11	83	taxation	taxation	NOUN
ftr-312	11	84	and	and	CCONJ
ftr-312	11	85	business	business	NOUN
ftr-312	11	86	law	law	NOUN
ftr-312	11	87	at	at	ADP
ftr-312	11	88	the	the	DET
ftr-312	11	89	university	university	NOUN
ftr-312	11	90	of	of	ADP
ftr-312	11	91	new	new	ADJ
ftr-312	11	92	south	south	PROPN
ftr-312	11	93	wales	wales	PROPN
ftr-312	11	94	.	.	PUNCT
ftr-312	12	1	320	320	NUM
ftr-312	12	2	florida	florida	PROPN
ftr-312	12	3	tax	tax	NOUN
ftr-312	12	4	review	review	NOUN
ftr-312	12	5	[	[	X
ftr-312	12	6	vol	vol	NOUN
ftr-312	12	7	.	.	PUNCT
ftr-312	13	1	14:8	14:8	NUM
ftr-312	13	2	c.	c.	PROPN
ftr-312	13	3	liquidity	liquidity	PROPN
ftr-312	13	4	and	and	CCONJ
ftr-312	13	5	other	other	ADJ
ftr-312	13	6	resource	resource	NOUN
ftr-312	13	7	constraints	constraint	NOUN
ftr-312	13	8	.......................	.......................	PUNCT
ftr-312	13	9	357	357	NUM
ftr-312	13	10	d.	d.	NOUN
ftr-312	13	11	investor	investor	NOUN
ftr-312	13	12	preferences	preference	NOUN
ftr-312	13	13	.........................................................	.........................................................	PUNCT
ftr-312	13	14	358	358	NUM
ftr-312	13	15	vi	vi	NOUN
ftr-312	13	16	.	.	PROPN
ftr-312	13	17	conclusion	conclusion	NOUN
ftr-312	13	18	.................................................................................	.................................................................................	PUNCT
ftr-312	13	19	359	359	NUM
ftr-312	13	20	i.	i.	NOUN
ftr-312	13	21	introduction	introduction	NOUN
ftr-312	13	22	do	do	AUX
ftr-312	13	23	startup	startup	VERB
ftr-312	13	24	firms	firm	NOUN
ftr-312	13	25	consider	consider	VERB
ftr-312	13	26	taxes	taxis	NOUN
ftr-312	13	27	when	when	SCONJ
ftr-312	13	28	they	they	PRON
ftr-312	13	29	decide	decide	VERB
ftr-312	13	30	where	where	SCONJ
ftr-312	13	31	to	to	PART
ftr-312	13	32	organize	organize	VERB
ftr-312	13	33	?	?	PUNCT
ftr-312	14	1	this	this	DET
ftr-312	14	2	article	article	NOUN
ftr-312	14	3	analyzes	analyze	VERB
ftr-312	14	4	the	the	DET
ftr-312	14	5	incorporation	incorporation	NOUN
ftr-312	14	6	decisions	decision	NOUN
ftr-312	14	7	of	of	ADP
ftr-312	14	8	relatively	relatively	ADV
ftr-312	14	9	new	new	ADJ
ftr-312	14	10	,	,	PUNCT
ftr-312	14	11	us	we	PRON
ftr-312	14	12	-	-	PUNCT
ftr-312	14	13	based	base	VERB
ftr-312	14	14	private	private	ADJ
ftr-312	14	15	business	business	NOUN
ftr-312	14	16	enterprises	enterprise	NOUN
ftr-312	14	17	with	with	ADP
ftr-312	14	18	global	global	ADJ
ftr-312	14	19	ambitions	ambition	NOUN
ftr-312	14	20	.	.	PUNCT
ftr-312	15	1	such	such	ADJ
ftr-312	15	2	startup	startup	NOUN
ftr-312	15	3	firms	firm	NOUN
ftr-312	15	4	generally	generally	ADV
ftr-312	15	5	organize	organize	VERB
ftr-312	15	6	as	as	ADP
ftr-312	15	7	us	us	PROPN
ftr-312	15	8	corporations	corporation	NOUN
ftr-312	15	9	.	.	PUNCT
ftr-312	16	1	this	this	DET
ftr-312	16	2	article	article	NOUN
ftr-312	16	3	theorizes	theorize	VERB
ftr-312	16	4	this	this	DET
ftr-312	16	5	dominant	dominant	ADJ
ftr-312	16	6	structure	structure	NOUN
ftr-312	16	7	and	and	CCONJ
ftr-312	16	8	its	its	PRON
ftr-312	16	9	exceptions	exception	NOUN
ftr-312	16	10	,	,	PUNCT
ftr-312	16	11	drawing	draw	VERB
ftr-312	16	12	from	from	ADP
ftr-312	16	13	prior	prior	ADJ
ftr-312	16	14	literature	literature	NOUN
ftr-312	16	15	and	and	CCONJ
ftr-312	16	16	illustrating	illustrate	VERB
ftr-312	16	17	with	with	ADP
ftr-312	16	18	informal	informal	ADJ
ftr-312	16	19	interview	interview	NOUN
ftr-312	16	20	results	result	NOUN
ftr-312	16	21	.	.	PUNCT
ftr-312	17	1	it	it	PRON
ftr-312	17	2	identifies	identify	VERB
ftr-312	17	3	explanatory	explanatory	ADJ
ftr-312	17	4	factors	factor	NOUN
ftr-312	17	5	including	include	VERB
ftr-312	17	6	limited	limited	ADJ
ftr-312	17	7	tax	tax	NOUN
ftr-312	17	8	benefits	benefit	NOUN
ftr-312	17	9	of	of	ADP
ftr-312	17	10	non	non	ADJ
ftr-312	17	11	-	-	ADJ
ftr-312	17	12	us	us	ADJ
ftr-312	17	13	incorporation	incorporation	NOUN
ftr-312	17	14	,	,	PUNCT
ftr-312	17	15	legal	legal	ADJ
ftr-312	17	16	benefits	benefit	NOUN
ftr-312	17	17	of	of	ADP
ftr-312	17	18	us	us	PROPN
ftr-312	17	19	incorporation	incorporation	NOUN
ftr-312	17	20	,	,	PUNCT
ftr-312	17	21	startups	startup	NOUN
ftr-312	17	22	’	'	PUNCT
ftr-312	17	23	liquidity	liquidity	NOUN
ftr-312	17	24	and	and	CCONJ
ftr-312	17	25	other	other	ADJ
ftr-312	17	26	resource	resource	NOUN
ftr-312	17	27	constraints	constraint	NOUN
ftr-312	17	28	,	,	PUNCT
ftr-312	17	29	and	and	CCONJ
ftr-312	17	30	investor	investor	NOUN
ftr-312	17	31	preferences	preference	NOUN
ftr-312	17	32	.	.	PUNCT
ftr-312	18	1	part	part	PROPN
ftr-312	18	2	ii	ii	PROPN
ftr-312	18	3	explains	explain	VERB
ftr-312	18	4	the	the	DET
ftr-312	18	5	different	different	ADJ
ftr-312	18	6	treatment	treatment	NOUN
ftr-312	18	7	of	of	ADP
ftr-312	18	8	usand	usand	NOUN
ftr-312	18	9	non	non	ADJ
ftr-312	18	10	-	-	ADJ
ftr-312	18	11	us	us	ADV
ftr-312	18	12	-	-	PUNCT
ftr-312	18	13	parented	parent	VERB
ftr-312	18	14	multinational	multinational	ADJ
ftr-312	18	15	corporations	corporation	NOUN
ftr-312	18	16	(	(	PUNCT
ftr-312	18	17	mncs	mncs	PROPN
ftr-312	18	18	)	)	PUNCT
ftr-312	18	19	under	under	ADP
ftr-312	18	20	us	we	PRON
ftr-312	18	21	federal	federal	ADJ
ftr-312	18	22	income	income	NOUN
ftr-312	18	23	tax	tax	NOUN
ftr-312	18	24	law	law	NOUN
ftr-312	18	25	.	.	PUNCT
ftr-312	19	1	some	some	DET
ftr-312	19	2	non	non	ADJ
ftr-312	19	3	-	-	ADJ
ftr-312	19	4	us	we	PRON
ftr-312	19	5	-	-	PUNCT
ftr-312	19	6	parented	parent	VERB
ftr-312	19	7	mnc	mnc	PROPN
ftr-312	19	8	structures	structure	NOUN
ftr-312	19	9	have	have	VERB
ftr-312	19	10	tax	tax	NOUN
ftr-312	19	11	advantages	advantage	NOUN
ftr-312	19	12	compared	compare	VERB
ftr-312	19	13	to	to	ADP
ftr-312	19	14	usparented	usparente	VERB
ftr-312	19	15	mnc	mnc	PROPN
ftr-312	19	16	structures	structure	NOUN
ftr-312	19	17	.	.	PUNCT
ftr-312	20	1	this	this	PRON
ftr-312	20	2	prompts	prompt	VERB
ftr-312	20	3	the	the	DET
ftr-312	20	4	hypothesis	hypothesis	NOUN
ftr-312	20	5	that	that	PRON
ftr-312	20	6	us	we	PRON
ftr-312	20	7	-	-	PUNCT
ftr-312	20	8	based	base	VERB
ftr-312	20	9	startup	startup	NOUN
ftr-312	20	10	corporations	corporation	NOUN
ftr-312	20	11	may	may	AUX
ftr-312	20	12	incorporate	incorporate	VERB
ftr-312	20	13	outside	outside	ADP
ftr-312	20	14	the	the	DET
ftr-312	20	15	united	united	PROPN
ftr-312	20	16	states,1	states,1	PROPN
ftr-312	20	17	for	for	ADP
ftr-312	20	18	example	example	NOUN
ftr-312	20	19	in	in	ADP
ftr-312	20	20	a	a	DET
ftr-312	20	21	tax	tax	NOUN
ftr-312	20	22	haven	haven	NOUN
ftr-312	20	23	jurisdiction	jurisdiction	NOUN
ftr-312	20	24	,	,	PUNCT
ftr-312	20	25	if	if	SCONJ
ftr-312	20	26	the	the	DET
ftr-312	20	27	non	non	ADJ
ftr-312	20	28	-	-	ADJ
ftr-312	20	29	tax	tax	ADJ
ftr-312	20	30	costs	cost	NOUN
ftr-312	20	31	of	of	ADP
ftr-312	20	32	a	a	DET
ftr-312	20	33	non	non	ADJ
ftr-312	20	34	-	-	ADJ
ftr-312	20	35	us	us	ADJ
ftr-312	20	36	incorporation	incorporation	NOUN
ftr-312	20	37	decision	decision	NOUN
ftr-312	20	38	are	be	AUX
ftr-312	20	39	sufficiently	sufficiently	ADV
ftr-312	20	40	low.2	low.2	ADJ
ftr-312	20	41	part	part	NOUN
ftr-312	20	42	iii	iii	NUM
ftr-312	20	43	reports	report	NOUN
ftr-312	20	44	that	that	PRON
ftr-312	20	45	available	available	ADJ
ftr-312	20	46	empirical	empirical	ADJ
ftr-312	20	47	work	work	NOUN
ftr-312	20	48	shows	show	VERB
ftr-312	20	49	few	few	ADJ
ftr-312	20	50	examples	example	NOUN
ftr-312	20	51	of	of	ADP
ftr-312	20	52	startup	startup	NOUN
ftr-312	20	53	corporations	corporation	NOUN
ftr-312	20	54	headquartered	headquarter	VERB
ftr-312	20	55	in	in	ADP
ftr-312	20	56	the	the	DET
ftr-312	20	57	united	united	PROPN
ftr-312	20	58	states	states	PROPN
ftr-312	20	59	and	and	CCONJ
ftr-312	20	60	incorporated	incorporate	VERB
ftr-312	20	61	in	in	ADP
ftr-312	20	62	tax	tax	NOUN
ftr-312	20	63	haven	haven	NOUN
ftr-312	20	64	jurisdictions.3	jurisdictions.3	PROPN
ftr-312	20	65	prior	prior	ADV
ftr-312	20	66	work4	work4	NOUN
ftr-312	20	67	and	and	CCONJ
ftr-312	20	68	informal	informal	ADJ
ftr-312	20	69	interviews	interview	NOUN
ftr-312	20	70	reported	report	VERB
ftr-312	20	71	here	here	ADV
ftr-312	20	72	1	1	NUM
ftr-312	20	73	.	.	X
ftr-312	21	1	see	see	VERB
ftr-312	21	2	,	,	PUNCT
ftr-312	21	3	e.g.	e.g.	ADV
ftr-312	21	4	,	,	PUNCT
ftr-312	21	5	mihir	mihir	PROPN
ftr-312	21	6	a.	a.	PROPN
ftr-312	21	7	desai	desai	PROPN
ftr-312	21	8	&	&	CCONJ
ftr-312	21	9	dhammika	dhammika	PROPN
ftr-312	21	10	dharmapala	dharmapala	PROPN
ftr-312	21	11	,	,	PUNCT
ftr-312	21	12	do	do	VERB
ftr-312	21	13	strong	strong	ADJ
ftr-312	21	14	fences	fence	NOUN
ftr-312	21	15	make	make	VERB
ftr-312	21	16	strong	strong	ADJ
ftr-312	21	17	neighbors	neighbor	NOUN
ftr-312	21	18	?	?	PUNCT
ftr-312	21	19	,	,	PUNCT
ftr-312	21	20	63	63	NUM
ftr-312	21	21	nat’l	nat’l	NOUN
ftr-312	21	22	tax	tax	NOUN
ftr-312	21	23	j.	j.	PROPN
ftr-312	21	24	723	723	NUM
ftr-312	21	25	,	,	PUNCT
ftr-312	21	26	724	724	NUM
ftr-312	21	27	(	(	PUNCT
ftr-312	21	28	2010	2010	NUM
ftr-312	21	29	)	)	PUNCT
ftr-312	22	1	[	[	X
ftr-312	22	2	hereinafter	hereinafter	NOUN
ftr-312	22	3	desai	desai	PROPN
ftr-312	22	4	&	&	CCONJ
ftr-312	22	5	dharmapala	dharmapala	PROPN
ftr-312	22	6	,	,	PUNCT
ftr-312	22	7	strong	strong	ADJ
ftr-312	22	8	fences	fence	NOUN
ftr-312	22	9	]	]	PUNCT
ftr-312	22	10	(	(	PUNCT
ftr-312	22	11	noting	note	VERB
ftr-312	22	12	incentive	incentive	NOUN
ftr-312	22	13	for	for	SCONJ
ftr-312	22	14	new	new	ADJ
ftr-312	22	15	firms	firm	NOUN
ftr-312	22	16	with	with	ADP
ftr-312	22	17	global	global	ADJ
ftr-312	22	18	business	business	NOUN
ftr-312	22	19	plans	plan	NOUN
ftr-312	22	20	to	to	PART
ftr-312	22	21	use	use	VERB
ftr-312	22	22	a	a	DET
ftr-312	22	23	non	non	ADJ
ftr-312	22	24	-	-	ADJ
ftr-312	22	25	us	us	ADJ
ftr-312	22	26	parent	parent	NOUN
ftr-312	22	27	corporation	corporation	NOUN
ftr-312	22	28	)	)	PUNCT
ftr-312	22	29	.	.	PUNCT
ftr-312	23	1	2	2	X
ftr-312	23	2	.	.	X
ftr-312	23	3	see	see	VERB
ftr-312	23	4	daniel	daniel	PROPN
ftr-312	23	5	shaviro	shaviro	PROPN
ftr-312	23	6	,	,	PUNCT
ftr-312	23	7	the	the	DET
ftr-312	23	8	david	david	PROPN
ftr-312	23	9	r.	r.	PROPN
ftr-312	23	10	tillinghast	tillinghast	PROPN
ftr-312	23	11	lecture	lecture	VERB
ftr-312	23	12	the	the	DET
ftr-312	23	13	rising	rise	VERB
ftr-312	23	14	taxelectivity	taxelectivity	NOUN
ftr-312	23	15	of	of	ADP
ftr-312	23	16	u.s	u.s	PROPN
ftr-312	23	17	.	.	PROPN
ftr-312	23	18	corporate	corporate	ADJ
ftr-312	23	19	residence	residence	NOUN
ftr-312	23	20	,	,	PUNCT
ftr-312	23	21	64	64	NUM
ftr-312	23	22	tax	tax	NOUN
ftr-312	23	23	l.	l.	PROPN
ftr-312	23	24	rev	rev	PROPN
ftr-312	23	25	.	.	PROPN
ftr-312	23	26	377	377	NUM
ftr-312	23	27	,	,	PUNCT
ftr-312	23	28	383–84	383–84	NOUN
ftr-312	23	29	(	(	PUNCT
ftr-312	23	30	2011	2011	NUM
ftr-312	23	31	)	)	PUNCT
ftr-312	24	1	[	[	X
ftr-312	24	2	hereinafter	hereinafter	NOUN
ftr-312	24	3	shaviro	shaviro	NOUN
ftr-312	24	4	,	,	PUNCT
ftr-312	24	5	rising	rise	VERB
ftr-312	24	6	tax	tax	NOUN
ftr-312	24	7	-	-	PUNCT
ftr-312	24	8	electivity	electivity	NOUN
ftr-312	24	9	of	of	ADP
ftr-312	24	10	u.s	u.s	PROPN
ftr-312	24	11	.	.	PROPN
ftr-312	24	12	corporate	corporate	ADJ
ftr-312	24	13	residence	residence	NOUN
ftr-312	24	14	]	]	PUNCT
ftr-312	24	15	(	(	PUNCT
ftr-312	24	16	noting	note	VERB
ftr-312	24	17	that	that	SCONJ
ftr-312	24	18	the	the	DET
ftr-312	24	19	degree	degree	NOUN
ftr-312	24	20	of	of	ADP
ftr-312	24	21	electivity	electivity	NOUN
ftr-312	24	22	turns	turn	VERB
ftr-312	24	23	on	on	ADP
ftr-312	24	24	“	"	PUNCT
ftr-312	24	25	nontax	nontax	ADJ
ftr-312	24	26	consequences	consequence	NOUN
ftr-312	24	27	”	"	PUNCT
ftr-312	24	28	)	)	PUNCT
ftr-312	24	29	.	.	PUNCT
ftr-312	25	1	3	3	X
ftr-312	25	2	.	.	X
ftr-312	25	3	see	see	VERB
ftr-312	25	4	,	,	PUNCT
ftr-312	25	5	e.g.	e.g.	ADV
ftr-312	25	6	,	,	PUNCT
ftr-312	25	7	eric	eric	PROPN
ftr-312	25	8	j.	j.	PROPN
ftr-312	25	9	allen	allen	PROPN
ftr-312	25	10	&	&	CCONJ
ftr-312	25	11	susan	susan	PROPN
ftr-312	25	12	c.	c.	PROPN
ftr-312	25	13	morse	morse	PROPN
ftr-312	25	14	,	,	PUNCT
ftr-312	25	15	tax	tax	NOUN
ftr-312	25	16	-	-	PUNCT
ftr-312	25	17	haven	haven	NOUN
ftr-312	25	18	incorporation	incorporation	NOUN
ftr-312	25	19	for	for	ADP
ftr-312	25	20	u.s.-headquartered	u.s.-headquartered	ADJ
ftr-312	25	21	firms	firm	NOUN
ftr-312	25	22	:	:	PUNCT
ftr-312	25	23	no	no	DET
ftr-312	25	24	exodus	exodus	NOUN
ftr-312	25	25	yet	yet	ADV
ftr-312	25	26	,	,	PUNCT
ftr-312	25	27	66	66	NUM
ftr-312	25	28	nat’l	nat’l	NOUN
ftr-312	25	29	tax	tax	NOUN
ftr-312	25	30	j.	j.	PROPN
ftr-312	25	31	395	395	NUM
ftr-312	25	32	,	,	PUNCT
ftr-312	25	33	395	395	NUM
ftr-312	25	34	(	(	PUNCT
ftr-312	25	35	2013	2013	NUM
ftr-312	25	36	)	)	PUNCT
ftr-312	26	1	[	[	X
ftr-312	26	2	hereinafter	hereinafter	NOUN
ftr-312	26	3	allen	allen	PROPN
ftr-312	26	4	&	&	CCONJ
ftr-312	26	5	morse	morse	PROPN
ftr-312	26	6	,	,	PUNCT
ftr-312	26	7	tax	tax	NOUN
ftr-312	26	8	-	-	PUNCT
ftr-312	26	9	haven	haven	NOUN
ftr-312	26	10	incorporation	incorporation	NOUN
ftr-312	26	11	for	for	ADP
ftr-312	26	12	u.s.-headquartered	u.s.-headquartered	ADJ
ftr-312	26	13	firms	firm	NOUN
ftr-312	26	14	]	]	PUNCT
ftr-312	26	15	(	(	PUNCT
ftr-312	26	16	reporting	report	VERB
ftr-312	26	17	twenty	twenty	NUM
ftr-312	26	18	-	-	PUNCT
ftr-312	26	19	seven	seven	NUM
ftr-312	26	20	instances	instance	NOUN
ftr-312	26	21	of	of	ADP
ftr-312	26	22	tax	tax	NOUN
ftr-312	26	23	haven	haven	NOUN
ftr-312	26	24	incorporation	incorporation	NOUN
ftr-312	26	25	among	among	ADP
ftr-312	26	26	918	918	NUM
ftr-312	26	27	identified	identify	VERB
ftr-312	26	28	us	us	PROPN
ftr-312	26	29	-	-	PUNCT
ftr-312	26	30	headquartered	headquarter	VERB
ftr-312	26	31	multinational	multinational	ADJ
ftr-312	26	32	ipo	ipo	NOUN
ftr-312	26	33	firms	firm	NOUN
ftr-312	26	34	)	)	PUNCT
ftr-312	26	35	.	.	PUNCT
ftr-312	27	1	4	4	X
ftr-312	27	2	.	.	X
ftr-312	27	3	this	this	DET
ftr-312	27	4	analysis	analysis	NOUN
ftr-312	27	5	builds	build	VERB
ftr-312	27	6	on	on	ADP
ftr-312	27	7	work	work	NOUN
ftr-312	27	8	that	that	PRON
ftr-312	27	9	has	have	AUX
ftr-312	27	10	considered	consider	VERB
ftr-312	27	11	the	the	DET
ftr-312	27	12	puzzle	puzzle	NOUN
ftr-312	27	13	of	of	ADP
ftr-312	27	14	the	the	DET
ftr-312	27	15	typical	typical	ADJ
ftr-312	27	16	startup	startup	NOUN
ftr-312	27	17	’s	’s	PART
ftr-312	27	18	decision	decision	NOUN
ftr-312	27	19	to	to	PART
ftr-312	27	20	organize	organize	VERB
ftr-312	27	21	as	as	ADP
ftr-312	27	22	a	a	DET
ftr-312	27	23	corporation	corporation	NOUN
ftr-312	27	24	and	and	CCONJ
ftr-312	27	25	not	not	PART
ftr-312	27	26	as	as	ADP
ftr-312	27	27	an	an	DET
ftr-312	27	28	entity	entity	NOUN
ftr-312	27	29	taxed	tax	VERB
ftr-312	27	30	as	as	ADP
ftr-312	27	31	a	a	DET
ftr-312	27	32	partnership	partnership	NOUN
ftr-312	27	33	.	.	PUNCT
ftr-312	28	1	see	see	VERB
ftr-312	28	2	,	,	PUNCT
ftr-312	28	3	e.g.	e.g.	ADV
ftr-312	28	4	,	,	PUNCT
ftr-312	28	5	joseph	joseph	PROPN
ftr-312	28	6	bankman	bankman	PROPN
ftr-312	28	7	,	,	PUNCT
ftr-312	28	8	the	the	DET
ftr-312	28	9	structure	structure	NOUN
ftr-312	28	10	of	of	ADP
ftr-312	28	11	silicon	silicon	PROPN
ftr-312	28	12	valley	valley	PROPN
ftr-312	28	13	start	start	NOUN
ftr-312	28	14	-	-	PUNCT
ftr-312	28	15	ups	up	NOUN
ftr-312	28	16	,	,	PUNCT
ftr-312	28	17	41	41	NUM
ftr-312	28	18	ucla	ucla	PROPN
ftr-312	28	19	l.	l.	PROPN
ftr-312	28	20	rev	rev	PROPN
ftr-312	28	21	.	.	PROPN
ftr-312	28	22	1737	1737	NUM
ftr-312	28	23	(	(	PUNCT
ftr-312	28	24	1994	1994	NUM
ftr-312	28	25	)	)	PUNCT
ftr-312	29	1	[	[	X
ftr-312	29	2	hereinafter	hereinafter	NOUN
ftr-312	29	3	bankman	bankman	NOUN
ftr-312	29	4	,	,	PUNCT
ftr-312	29	5	the	the	DET
ftr-312	29	6	structure	structure	NOUN
ftr-312	29	7	of	of	ADP
ftr-312	29	8	silicon	silicon	PROPN
ftr-312	29	9	valley	valley	NOUN
ftr-312	29	10	2013	2013	NUM
ftr-312	29	11	]	]	PUNCT
ftr-312	29	12	tax	tax	NOUN
ftr-312	29	13	planning	planning	NOUN
ftr-312	29	14	and	and	CCONJ
ftr-312	29	15	initial	initial	ADJ
ftr-312	29	16	incorporation	incorporation	NOUN
ftr-312	29	17	location	location	NOUN
ftr-312	29	18	321	321	NUM
ftr-312	29	19	support	support	NOUN
ftr-312	29	20	the	the	DET
ftr-312	29	21	conclusion	conclusion	NOUN
ftr-312	29	22	that	that	SCONJ
ftr-312	29	23	venture	venture	NOUN
ftr-312	29	24	-	-	PUNCT
ftr-312	29	25	backed	back	VERB
ftr-312	29	26	silicon	silicon	NOUN
ftr-312	29	27	valley	valley	NOUN
ftr-312	29	28	startups	startup	NOUN
ftr-312	29	29	generally	generally	ADV
ftr-312	29	30	organize	organize	VERB
ftr-312	29	31	in	in	ADP
ftr-312	29	32	the	the	DET
ftr-312	29	33	united	united	PROPN
ftr-312	29	34	states	states	PROPN
ftr-312	29	35	,	,	PUNCT
ftr-312	29	36	form	form	VERB
ftr-312	29	37	corporations	corporation	NOUN
ftr-312	29	38	rather	rather	ADV
ftr-312	29	39	than	than	ADP
ftr-312	29	40	partnerships	partnership	NOUN
ftr-312	29	41	or	or	CCONJ
ftr-312	29	42	llcs	llcs	NOUN
ftr-312	29	43	,	,	PUNCT
ftr-312	29	44	and	and	CCONJ
ftr-312	29	45	prefer	prefer	VERB
ftr-312	29	46	the	the	DET
ftr-312	29	47	state	state	NOUN
ftr-312	29	48	of	of	ADP
ftr-312	29	49	delaware	delaware	PROPN
ftr-312	29	50	as	as	ADP
ftr-312	29	51	an	an	DET
ftr-312	29	52	incorporation	incorporation	NOUN
ftr-312	29	53	jurisdiction	jurisdiction	NOUN
ftr-312	29	54	.	.	PUNCT
ftr-312	30	1	available	available	ADJ
ftr-312	30	2	examples	example	NOUN
ftr-312	30	3	,	,	PUNCT
ftr-312	30	4	drawn	draw	VERB
ftr-312	30	5	in	in	ADP
ftr-312	30	6	large	large	ADJ
ftr-312	30	7	part	part	NOUN
ftr-312	30	8	from	from	ADP
ftr-312	30	9	initial	initial	ADJ
ftr-312	30	10	public	public	ADJ
ftr-312	30	11	offering	offering	NOUN
ftr-312	30	12	(	(	PUNCT
ftr-312	30	13	ipo	ipo	NOUN
ftr-312	30	14	)	)	PUNCT
ftr-312	30	15	evidence	evidence	NOUN
ftr-312	30	16	,	,	PUNCT
ftr-312	30	17	corroborate	corroborate	VERB
ftr-312	30	18	the	the	DET
ftr-312	30	19	conclusion	conclusion	NOUN
ftr-312	30	20	that	that	SCONJ
ftr-312	30	21	delaware	delaware	PROPN
ftr-312	30	22	incorporation	incorporation	NOUN
ftr-312	30	23	is	be	AUX
ftr-312	30	24	the	the	DET
ftr-312	30	25	norm	norm	NOUN
ftr-312	30	26	.	.	PUNCT
ftr-312	31	1	the	the	DET
ftr-312	31	2	evidence	evidence	NOUN
ftr-312	31	3	also	also	ADV
ftr-312	31	4	reveals	reveal	VERB
ftr-312	31	5	exceptions	exception	NOUN
ftr-312	31	6	to	to	ADP
ftr-312	31	7	the	the	DET
ftr-312	31	8	general	general	ADJ
ftr-312	31	9	rule	rule	NOUN
ftr-312	31	10	of	of	ADP
ftr-312	31	11	us	us	PROPN
ftr-312	31	12	incorporation	incorporation	NOUN
ftr-312	31	13	concentrated	concentrate	VERB
ftr-312	31	14	in	in	ADP
ftr-312	31	15	particular	particular	ADJ
ftr-312	31	16	industries	industry	NOUN
ftr-312	31	17	,	,	PUNCT
ftr-312	31	18	such	such	ADJ
ftr-312	31	19	as	as	ADP
ftr-312	31	20	insurance	insurance	NOUN
ftr-312	31	21	and	and	CCONJ
ftr-312	31	22	marine	marine	ADJ
ftr-312	31	23	transportation	transportation	NOUN
ftr-312	31	24	.	.	PUNCT
ftr-312	32	1	part	part	NOUN
ftr-312	32	2	iii	iii	PROPN
ftr-312	32	3	also	also	ADV
ftr-312	32	4	identifies	identify	VERB
ftr-312	32	5	several	several	ADJ
ftr-312	32	6	additional	additional	ADJ
ftr-312	32	7	examples	example	NOUN
ftr-312	32	8	of	of	ADP
ftr-312	32	9	us	us	PROPN
ftr-312	32	10	-	-	PUNCT
ftr-312	32	11	based	base	VERB
ftr-312	32	12	,	,	PUNCT
ftr-312	32	13	non	non	ADJ
ftr-312	32	14	-	-	ADJ
ftr-312	32	15	us	us	ADV
ftr-312	32	16	-	-	PUNCT
ftr-312	32	17	incorporated	incorporate	VERB
ftr-312	32	18	firms	firm	NOUN
ftr-312	32	19	,	,	PUNCT
ftr-312	32	20	scattered	scatter	VERB
ftr-312	32	21	among	among	ADP
ftr-312	32	22	different	different	ADJ
ftr-312	32	23	industries	industry	NOUN
ftr-312	32	24	.	.	PUNCT
ftr-312	33	1	part	part	NOUN
ftr-312	33	2	iv	iv	NUM
ftr-312	33	3	explores	explore	VERB
ftr-312	33	4	several	several	ADJ
ftr-312	33	5	possible	possible	ADJ
ftr-312	33	6	reasons	reason	NOUN
ftr-312	33	7	for	for	ADP
ftr-312	33	8	the	the	DET
ftr-312	33	9	dominant	dominant	ADJ
ftr-312	33	10	structure	structure	NOUN
ftr-312	33	11	of	of	ADP
ftr-312	33	12	us	us	PROPN
ftr-312	33	13	incorporation	incorporation	NOUN
ftr-312	33	14	for	for	ADP
ftr-312	33	15	startup	startup	NOUN
ftr-312	33	16	firms	firm	NOUN
ftr-312	33	17	.	.	PUNCT
ftr-312	34	1	one	one	NUM
ftr-312	34	2	reason	reason	NOUN
ftr-312	34	3	is	be	AUX
ftr-312	34	4	the	the	DET
ftr-312	34	5	limited	limited	ADJ
ftr-312	34	6	relative	relative	ADJ
ftr-312	34	7	tax	tax	NOUN
ftr-312	34	8	advantages	advantage	NOUN
ftr-312	34	9	of	of	ADP
ftr-312	34	10	non	non	ADJ
ftr-312	34	11	-	-	ADJ
ftr-312	34	12	us	us	PROPN
ftr-312	34	13	incorporation	incorporation	NOUN
ftr-312	34	14	.	.	PUNCT
ftr-312	35	1	for	for	ADP
ftr-312	35	2	example	example	NOUN
ftr-312	35	3	,	,	PUNCT
ftr-312	35	4	us	we	PRON
ftr-312	35	5	-	-	PUNCT
ftr-312	35	6	parented	parent	VERB
ftr-312	35	7	mncs	mncs	PROPN
ftr-312	35	8	can	can	AUX
ftr-312	35	9	often	often	ADV
ftr-312	35	10	obtain	obtain	VERB
ftr-312	35	11	low	low	ADJ
ftr-312	35	12	tax	tax	NOUN
ftr-312	35	13	rates	rate	NOUN
ftr-312	35	14	on	on	ADP
ftr-312	35	15	non	non	ADJ
ftr-312	35	16	-	-	ADJ
ftr-312	35	17	us	us	ADJ
ftr-312	35	18	income	income	NOUN
ftr-312	35	19	,	,	PUNCT
ftr-312	35	20	sometimes	sometimes	ADV
ftr-312	35	21	access	access	VERB
ftr-312	35	22	offshore	offshore	ADJ
ftr-312	35	23	cash	cash	NOUN
ftr-312	35	24	without	without	ADP
ftr-312	35	25	onerous	onerous	ADJ
ftr-312	35	26	us	we	PRON
ftr-312	35	27	tax	tax	NOUN
ftr-312	35	28	results	result	NOUN
ftr-312	35	29	,	,	PUNCT
ftr-312	35	30	and	and	CCONJ
ftr-312	35	31	erode	erode	VERB
ftr-312	35	32	their	their	PRON
ftr-312	35	33	us	us	PROPN
ftr-312	35	34	taxable	taxable	ADJ
ftr-312	35	35	income	income	NOUN
ftr-312	35	36	base	base	NOUN
ftr-312	35	37	to	to	ADP
ftr-312	35	38	some	some	DET
ftr-312	35	39	extent	extent	NOUN
ftr-312	35	40	.	.	PUNCT
ftr-312	36	1	another	another	DET
ftr-312	36	2	reason	reason	NOUN
ftr-312	36	3	is	be	AUX
ftr-312	36	4	that	that	SCONJ
ftr-312	36	5	a	a	DET
ftr-312	36	6	us	us	ADV
ftr-312	36	7	-	-	PUNCT
ftr-312	36	8	parented	parent	VERB
ftr-312	36	9	structure	structure	NOUN
ftr-312	36	10	can	can	AUX
ftr-312	36	11	provide	provide	VERB
ftr-312	36	12	corporate	corporate	ADJ
ftr-312	36	13	governance	governance	NOUN
ftr-312	36	14	and	and	CCONJ
ftr-312	36	15	other	other	ADJ
ftr-312	36	16	non	non	ADJ
ftr-312	36	17	-	-	ADJ
ftr-312	36	18	tax	tax	ADJ
ftr-312	36	19	legal	legal	ADJ
ftr-312	36	20	advantages	advantage	NOUN
ftr-312	36	21	.	.	PUNCT
ftr-312	37	1	in	in	ADP
ftr-312	37	2	addition	addition	NOUN
ftr-312	37	3	,	,	PUNCT
ftr-312	37	4	because	because	SCONJ
ftr-312	37	5	us	us	PROPN
ftr-312	37	6	incorporation	incorporation	NOUN
ftr-312	37	7	is	be	AUX
ftr-312	37	8	a	a	DET
ftr-312	37	9	familiar	familiar	ADJ
ftr-312	37	10	“	"	PUNCT
ftr-312	37	11	cookie	cookie	NOUN
ftr-312	37	12	cutter	cutter	NOUN
ftr-312	37	13	”	"	PUNCT
ftr-312	37	14	structure	structure	NOUN
ftr-312	37	15	for	for	ADP
ftr-312	37	16	startups	startup	NOUN
ftr-312	37	17	,	,	PUNCT
ftr-312	37	18	it	it	PRON
ftr-312	37	19	requires	require	VERB
ftr-312	37	20	fewer	few	ADJ
ftr-312	37	21	monetary	monetary	ADJ
ftr-312	37	22	and	and	CCONJ
ftr-312	37	23	other	other	ADJ
ftr-312	37	24	startup	startup	NOUN
ftr-312	37	25	company	company	NOUN
ftr-312	37	26	resources	resource	NOUN
ftr-312	37	27	.	.	PUNCT
ftr-312	38	1	this	this	PRON
ftr-312	38	2	is	be	AUX
ftr-312	38	3	important	important	ADJ
ftr-312	38	4	to	to	ADP
ftr-312	38	5	startups	startup	NOUN
ftr-312	38	6	with	with	ADP
ftr-312	38	7	liquidity	liquidity	NOUN
ftr-312	38	8	constraints	constraint	NOUN
ftr-312	38	9	.	.	PUNCT
ftr-312	39	1	investor	investor	NOUN
ftr-312	39	2	preference	preference	NOUN
ftr-312	39	3	,	,	PUNCT
ftr-312	39	4	or	or	CCONJ
ftr-312	39	5	at	at	ADP
ftr-312	39	6	least	least	ADJ
ftr-312	39	7	investor	investor	NOUN
ftr-312	39	8	familiarity	familiarity	NOUN
ftr-312	39	9	with	with	ADP
ftr-312	39	10	the	the	DET
ftr-312	39	11	delaware	delaware	PROPN
ftr-312	39	12	corporate	corporate	ADJ
ftr-312	39	13	form	form	NOUN
ftr-312	39	14	,	,	PUNCT
ftr-312	39	15	also	also	ADV
ftr-312	39	16	plays	play	VERB
ftr-312	39	17	a	a	DET
ftr-312	39	18	role	role	NOUN
ftr-312	39	19	.	.	PUNCT
ftr-312	40	1	market	market	NOUN
ftr-312	40	2	participants	participant	NOUN
ftr-312	40	3	share	share	VERB
ftr-312	40	4	the	the	DET
ftr-312	40	5	perception	perception	NOUN
ftr-312	40	6	that	that	SCONJ
ftr-312	40	7	venture	venture	NOUN
ftr-312	40	8	capital	capital	NOUN
ftr-312	40	9	(	(	PUNCT
ftr-312	40	10	vc	vc	NOUN
ftr-312	40	11	)	)	PUNCT
ftr-312	40	12	firms	firm	NOUN
ftr-312	40	13	,	,	PUNCT
ftr-312	40	14	an	an	DET
ftr-312	40	15	important	important	ADJ
ftr-312	40	16	source	source	NOUN
ftr-312	40	17	of	of	ADP
ftr-312	40	18	financing	financing	NOUN
ftr-312	40	19	for	for	ADP
ftr-312	40	20	startup	startup	NOUN
ftr-312	40	21	companies	company	NOUN
ftr-312	40	22	,	,	PUNCT
ftr-312	40	23	favor	favor	VERB
ftr-312	40	24	investments	investment	NOUN
ftr-312	40	25	in	in	ADP
ftr-312	40	26	us	us	PROPN
ftr-312	40	27	corporations	corporation	NOUN
ftr-312	40	28	,	,	PUNCT
ftr-312	40	29	although	although	SCONJ
ftr-312	40	30	venture	venture	NOUN
ftr-312	40	31	capitalists	capitalist	NOUN
ftr-312	40	32	describe	describe	VERB
ftr-312	40	33	portfolios	portfolio	NOUN
ftr-312	40	34	that	that	PRON
ftr-312	40	35	include	include	VERB
ftr-312	40	36	investments	investment	NOUN
ftr-312	40	37	that	that	PRON
ftr-312	40	38	take	take	VERB
ftr-312	40	39	a	a	DET
ftr-312	40	40	range	range	NOUN
ftr-312	40	41	of	of	ADP
ftr-312	40	42	organizational	organizational	ADJ
ftr-312	40	43	forms	form	NOUN
ftr-312	40	44	.	.	PUNCT
ftr-312	41	1	even	even	ADV
ftr-312	41	2	if	if	SCONJ
ftr-312	41	3	current	current	ADJ
ftr-312	41	4	us	us	PROPN
ftr-312	41	5	tax	tax	NOUN
ftr-312	41	6	laws	law	NOUN
ftr-312	41	7	do	do	AUX
ftr-312	41	8	not	not	PART
ftr-312	41	9	provide	provide	VERB
ftr-312	41	10	a	a	DET
ftr-312	41	11	significant	significant	ADJ
ftr-312	41	12	incentive	incentive	NOUN
ftr-312	41	13	for	for	ADP
ftr-312	41	14	a	a	DET
ftr-312	41	15	typical	typical	ADJ
ftr-312	41	16	startup	startup	NOUN
ftr-312	41	17	corporation	corporation	NOUN
ftr-312	41	18	to	to	PART
ftr-312	41	19	incorporate	incorporate	VERB
ftr-312	41	20	outside	outside	ADP
ftr-312	41	21	the	the	DET
ftr-312	41	22	united	united	PROPN
ftr-312	41	23	states	states	PROPN
ftr-312	41	24	,	,	PUNCT
ftr-312	41	25	congress	congress	PROPN
ftr-312	41	26	could	could	AUX
ftr-312	41	27	change	change	VERB
ftr-312	41	28	these	these	DET
ftr-312	41	29	laws	law	NOUN
ftr-312	41	30	in	in	ADP
ftr-312	41	31	the	the	DET
ftr-312	41	32	future	future	NOUN
ftr-312	41	33	so	so	SCONJ
ftr-312	41	34	as	as	SCONJ
ftr-312	41	35	to	to	PART
ftr-312	41	36	greatly	greatly	ADV
ftr-312	41	37	increase	increase	VERB
ftr-312	41	38	the	the	DET
ftr-312	41	39	tax	tax	NOUN
ftr-312	41	40	burden	burden	NOUN
ftr-312	41	41	placed	place	VERB
ftr-312	41	42	on	on	ADP
ftr-312	41	43	us	us	PROPN
ftr-312	41	44	-	-	PUNCT
ftr-312	41	45	parented	parent	VERB
ftr-312	41	46	multinationals	multinational	NOUN
ftr-312	41	47	.	.	PUNCT
ftr-312	42	1	yet	yet	CCONJ
ftr-312	42	2	the	the	DET
ftr-312	42	3	possibility	possibility	NOUN
ftr-312	42	4	of	of	ADP
ftr-312	42	5	future	future	ADJ
ftr-312	42	6	change	change	NOUN
ftr-312	42	7	in	in	ADP
ftr-312	42	8	us	us	PROPN
ftr-312	42	9	tax	tax	NOUN
ftr-312	42	10	law	law	NOUN
ftr-312	42	11	does	do	AUX
ftr-312	42	12	not	not	PART
ftr-312	42	13	appear	appear	VERB
ftr-312	42	14	to	to	PART
ftr-312	42	15	affect	affect	VERB
ftr-312	42	16	most	most	ADJ
ftr-312	42	17	startups	startup	NOUN
ftr-312	42	18	’	'	PUNCT
ftr-312	42	19	incorporation	incorporation	NOUN
ftr-312	42	20	location	location	NOUN
ftr-312	42	21	decisions	decision	NOUN
ftr-312	42	22	.	.	PUNCT
ftr-312	43	1	startups	startup	NOUN
ftr-312	43	2	have	have	VERB
ftr-312	43	3	reason	reason	NOUN
ftr-312	43	4	to	to	PART
ftr-312	43	5	discount	discount	VERB
ftr-312	43	6	the	the	DET
ftr-312	43	7	possibility	possibility	NOUN
ftr-312	43	8	of	of	ADP
ftr-312	43	9	future	future	ADJ
ftr-312	43	10	changes	change	NOUN
ftr-312	43	11	in	in	ADP
ftr-312	43	12	us	us	PROPN
ftr-312	43	13	tax	tax	NOUN
ftr-312	43	14	law	law	NOUN
ftr-312	43	15	adverse	adverse	ADJ
ftr-312	43	16	to	to	ADP
ftr-312	43	17	us	we	PRON
ftr-312	43	18	-	-	PUNCT
ftr-312	43	19	parented	parent	VERB
ftr-312	43	20	mncs	mncs	PROPN
ftr-312	43	21	because	because	SCONJ
ftr-312	43	22	of	of	ADP
ftr-312	43	23	the	the	DET
ftr-312	43	24	strength	strength	NOUN
ftr-312	43	25	and	and	CCONJ
ftr-312	43	26	diversity	diversity	NOUN
ftr-312	43	27	of	of	ADP
ftr-312	43	28	corporate	corporate	ADJ
ftr-312	43	29	lobbying	lobbying	NOUN
ftr-312	43	30	efforts	effort	NOUN
ftr-312	43	31	.	.	PUNCT
ftr-312	44	1	startups	startup	NOUN
ftr-312	44	2	and	and	CCONJ
ftr-312	44	3	their	their	PRON
ftr-312	44	4	advisors	advisor	NOUN
ftr-312	44	5	may	may	AUX
ftr-312	44	6	conversely	conversely	ADV
ftr-312	44	7	worry	worry	VERB
ftr-312	44	8	more	more	ADV
ftr-312	44	9	about	about	ADP
ftr-312	44	10	the	the	DET
ftr-312	44	11	possibility	possibility	NOUN
ftr-312	44	12	of	of	ADP
ftr-312	44	13	start	start	NOUN
ftr-312	44	14	-	-	PUNCT
ftr-312	44	15	ups	up	NOUN
ftr-312	44	16	]	]	PUNCT
ftr-312	44	17	;	;	PUNCT
ftr-312	44	18	victor	victor	NOUN
ftr-312	44	19	fleischer	fleischer	PROPN
ftr-312	44	20	,	,	PUNCT
ftr-312	44	21	the	the	DET
ftr-312	44	22	rational	rational	ADJ
ftr-312	44	23	exuberance	exuberance	NOUN
ftr-312	44	24	of	of	ADP
ftr-312	44	25	structuring	structure	VERB
ftr-312	44	26	venture	venture	NOUN
ftr-312	44	27	capital	capital	NOUN
ftr-312	44	28	start	start	NOUN
ftr-312	44	29	-	-	PUNCT
ftr-312	44	30	ups	up	NOUN
ftr-312	44	31	,	,	PUNCT
ftr-312	44	32	57	57	NUM
ftr-312	44	33	tax	tax	NOUN
ftr-312	44	34	l.	l.	PROPN
ftr-312	44	35	rev	rev	PROPN
ftr-312	44	36	.	.	PROPN
ftr-312	44	37	137	137	NUM
ftr-312	44	38	(	(	PUNCT
ftr-312	44	39	2003	2003	NUM
ftr-312	44	40	)	)	PUNCT
ftr-312	45	1	[	[	X
ftr-312	45	2	hereinafter	hereinafter	NOUN
ftr-312	45	3	fleischer	fleischer	NOUN
ftr-312	45	4	,	,	PUNCT
ftr-312	45	5	the	the	DET
ftr-312	45	6	rational	rational	ADJ
ftr-312	45	7	exuberance	exuberance	NOUN
ftr-312	45	8	of	of	ADP
ftr-312	45	9	structuring	structure	VERB
ftr-312	45	10	venture	venture	NOUN
ftr-312	45	11	capital	capital	NOUN
ftr-312	45	12	]	]	PUNCT
ftr-312	45	13	;	;	PUNCT
ftr-312	45	14	daniel	daniel	PROPN
ftr-312	45	15	s.	s.	PROPN
ftr-312	45	16	goldberg	goldberg	PROPN
ftr-312	45	17	,	,	PUNCT
ftr-312	45	18	choice	choice	NOUN
ftr-312	45	19	of	of	ADP
ftr-312	45	20	entity	entity	NOUN
ftr-312	45	21	for	for	ADP
ftr-312	45	22	a	a	DET
ftr-312	45	23	venture	venture	NOUN
ftr-312	45	24	capital	capital	NOUN
ftr-312	45	25	start	start	NOUN
ftr-312	45	26	-	-	PUNCT
ftr-312	45	27	up	up	NOUN
ftr-312	45	28	:	:	PUNCT
ftr-312	45	29	the	the	DET
ftr-312	45	30	myth	myth	NOUN
ftr-312	45	31	of	of	ADP
ftr-312	45	32	incorporation	incorporation	NOUN
ftr-312	45	33	,	,	PUNCT
ftr-312	45	34	55	55	NUM
ftr-312	45	35	tax	tax	NOUN
ftr-312	45	36	law	law	NOUN
ftr-312	45	37	.	.	PUNCT
ftr-312	46	1	923	923	NUM
ftr-312	46	2	(	(	PUNCT
ftr-312	46	3	2002	2002	NUM
ftr-312	46	4	)	)	PUNCT
ftr-312	47	1	[	[	X
ftr-312	47	2	hereinafter	hereinafter	NOUN
ftr-312	47	3	goldberg	goldberg	PROPN
ftr-312	47	4	,	,	PUNCT
ftr-312	47	5	choice	choice	NOUN
ftr-312	47	6	of	of	ADP
ftr-312	47	7	entity	entity	NOUN
ftr-312	47	8	for	for	ADP
ftr-312	47	9	a	a	DET
ftr-312	47	10	venture	venture	NOUN
ftr-312	47	11	capital	capital	NOUN
ftr-312	47	12	start	start	NOUN
ftr-312	47	13	-	-	PUNCT
ftr-312	47	14	up	up	NOUN
ftr-312	47	15	]	]	PUNCT
ftr-312	47	16	;	;	PUNCT
ftr-312	47	17	calvin	calvin	PROPN
ftr-312	47	18	h.	h.	PROPN
ftr-312	47	19	johnson	johnson	PROPN
ftr-312	47	20	,	,	PUNCT
ftr-312	47	21	why	why	SCONJ
ftr-312	47	22	do	do	AUX
ftr-312	47	23	venture	venture	NOUN
ftr-312	47	24	capital	capital	NOUN
ftr-312	47	25	funds	fund	NOUN
ftr-312	47	26	burn	burn	VERB
ftr-312	47	27	research	research	NOUN
ftr-312	47	28	and	and	CCONJ
ftr-312	47	29	development	development	NOUN
ftr-312	47	30	deductions	deduction	NOUN
ftr-312	47	31	,	,	PUNCT
ftr-312	47	32	29	29	NUM
ftr-312	47	33	va	va	NOUN
ftr-312	47	34	.	.	PUNCT
ftr-312	48	1	tax	tax	PROPN
ftr-312	48	2	rev	rev	PROPN
ftr-312	48	3	.	.	PROPN
ftr-312	48	4	29	29	NUM
ftr-312	48	5	(	(	PUNCT
ftr-312	48	6	2009	2009	NUM
ftr-312	48	7	)	)	PUNCT
ftr-312	49	1	[	[	X
ftr-312	49	2	hereinafter	hereinafter	NOUN
ftr-312	49	3	johnson	johnson	PROPN
ftr-312	49	4	,	,	PUNCT
ftr-312	49	5	why	why	SCONJ
ftr-312	49	6	do	do	AUX
ftr-312	49	7	venture	venture	NOUN
ftr-312	49	8	capital	capital	NOUN
ftr-312	49	9	funds	fund	NOUN
ftr-312	49	10	burn	burn	VERB
ftr-312	49	11	research	research	NOUN
ftr-312	49	12	and	and	CCONJ
ftr-312	49	13	development	development	NOUN
ftr-312	49	14	deductions	deduction	NOUN
ftr-312	49	15	]	]	PUNCT
ftr-312	49	16	;	;	PUNCT
ftr-312	49	17	eric	eric	PROPN
ftr-312	49	18	j.	j.	PROPN
ftr-312	49	19	allen	allen	PROPN
ftr-312	49	20	&	&	CCONJ
ftr-312	49	21	sharat	sharat	PROPN
ftr-312	49	22	raghavan	raghavan	PROPN
ftr-312	49	23	,	,	PUNCT
ftr-312	49	24	the	the	DET
ftr-312	49	25	impact	impact	NOUN
ftr-312	49	26	of	of	ADP
ftr-312	49	27	non	non	ADJ
ftr-312	49	28	-	-	ADJ
ftr-312	49	29	tax	tax	ADJ
ftr-312	49	30	costs	cost	NOUN
ftr-312	49	31	on	on	ADP
ftr-312	49	32	tax	tax	NOUN
ftr-312	49	33	-	-	PUNCT
ftr-312	49	34	efficiency	efficiency	NOUN
ftr-312	49	35	of	of	ADP
ftr-312	49	36	venture	venture	NOUN
ftr-312	49	37	capital	capital	NOUN
ftr-312	49	38	investments	investment	NOUN
ftr-312	49	39	(	(	PUNCT
ftr-312	49	40	april	april	PROPN
ftr-312	49	41	16	16	NUM
ftr-312	49	42	,	,	PUNCT
ftr-312	49	43	2013	2013	NUM
ftr-312	49	44	)	)	PUNCT
ftr-312	50	1	[	[	X
ftr-312	50	2	hereinafter	hereinafter	NOUN
ftr-312	50	3	allen	allen	PROPN
ftr-312	50	4	&	&	CCONJ
ftr-312	50	5	raghavan	raghavan	PROPN
ftr-312	50	6	,	,	PUNCT
ftr-312	50	7	the	the	DET
ftr-312	50	8	impact	impact	NOUN
ftr-312	50	9	of	of	ADP
ftr-312	50	10	non	non	ADJ
ftr-312	50	11	-	-	ADJ
ftr-312	50	12	tax	tax	ADJ
ftr-312	50	13	costs	cost	NOUN
ftr-312	50	14	on	on	ADP
ftr-312	50	15	tax	tax	NOUN
ftr-312	50	16	-	-	PUNCT
ftr-312	50	17	efficiency	efficiency	NOUN
ftr-312	50	18	]	]	PUNCT
ftr-312	50	19	(	(	PUNCT
ftr-312	50	20	available	available	ADJ
ftr-312	50	21	at	at	ADP
ftr-312	50	22	ssrn.com	ssrn.com	X
ftr-312	50	23	)	)	PUNCT
ftr-312	50	24	(	(	PUNCT
ftr-312	50	25	manuscript	manuscript	NOUN
ftr-312	50	26	on	on	ADP
ftr-312	50	27	file	file	NOUN
ftr-312	50	28	with	with	ADP
ftr-312	50	29	the	the	DET
ftr-312	50	30	author	author	NOUN
ftr-312	50	31	)	)	PUNCT
ftr-312	50	32	.	.	PUNCT
ftr-312	51	1	322	322	NUM
ftr-312	51	2	florida	florida	PROPN
ftr-312	51	3	tax	tax	NOUN
ftr-312	51	4	review	review	NOUN
ftr-312	51	5	[	[	X
ftr-312	51	6	vol	vol	NOUN
ftr-312	51	7	.	.	PUNCT
ftr-312	52	1	14:8	14:8	NUM
ftr-312	52	2	changes	change	NOUN
ftr-312	52	3	adverse	adverse	ADJ
ftr-312	52	4	to	to	ADP
ftr-312	52	5	non	non	ADJ
ftr-312	52	6	-	-	ADJ
ftr-312	52	7	us	us	ADV
ftr-312	52	8	-	-	PUNCT
ftr-312	52	9	parented	parent	VERB
ftr-312	52	10	mncs	mncs	PROPN
ftr-312	52	11	because	because	SCONJ
ftr-312	52	12	they	they	PRON
ftr-312	52	13	perceive	perceive	VERB
ftr-312	52	14	a	a	DET
ftr-312	52	15	higher	high	ADJ
ftr-312	52	16	likelihood	likelihood	NOUN
ftr-312	52	17	of	of	ADP
ftr-312	52	18	such	such	ADJ
ftr-312	52	19	changes	change	NOUN
ftr-312	52	20	inside	inside	ADP
ftr-312	52	21	or	or	CCONJ
ftr-312	52	22	outside	outside	ADP
ftr-312	52	23	the	the	DET
ftr-312	52	24	united	united	PROPN
ftr-312	52	25	states	states	PROPN
ftr-312	52	26	.	.	PUNCT
ftr-312	53	1	they	they	PRON
ftr-312	53	2	also	also	ADV
ftr-312	53	3	likely	likely	ADV
ftr-312	53	4	face	face	VERB
ftr-312	53	5	a	a	DET
ftr-312	53	6	higher	high	ADJ
ftr-312	53	7	degree	degree	NOUN
ftr-312	53	8	of	of	ADP
ftr-312	53	9	uncertainty	uncertainty	NOUN
ftr-312	53	10	about	about	ADP
ftr-312	53	11	the	the	DET
ftr-312	53	12	possibility	possibility	NOUN
ftr-312	53	13	of	of	ADP
ftr-312	53	14	adverse	adverse	ADJ
ftr-312	53	15	changes	change	NOUN
ftr-312	53	16	applicable	applicable	ADJ
ftr-312	53	17	to	to	ADP
ftr-312	53	18	non	non	ADJ
ftr-312	53	19	-	-	ADJ
ftr-312	53	20	us	us	ADV
ftr-312	53	21	-	-	PUNCT
ftr-312	53	22	parented	parent	VERB
ftr-312	53	23	firms	firm	NOUN
ftr-312	53	24	.	.	PUNCT
ftr-312	54	1	part	part	NOUN
ftr-312	54	2	v	v	PROPN
ftr-312	54	3	theorizes	theorize	VERB
ftr-312	54	4	the	the	DET
ftr-312	54	5	noted	note	VERB
ftr-312	54	6	exceptions	exception	NOUN
ftr-312	54	7	to	to	ADP
ftr-312	54	8	the	the	DET
ftr-312	54	9	dominant	dominant	ADJ
ftr-312	54	10	trend	trend	NOUN
ftr-312	54	11	of	of	ADP
ftr-312	54	12	us	we	PRON
ftr-312	54	13	incorporation	incorporation	NOUN
ftr-312	54	14	for	for	ADP
ftr-312	54	15	us	we	PRON
ftr-312	54	16	-	-	PUNCT
ftr-312	54	17	based	base	VERB
ftr-312	54	18	startups	startup	NOUN
ftr-312	54	19	.	.	PUNCT
ftr-312	55	1	it	it	PRON
ftr-312	55	2	suggests	suggest	VERB
ftr-312	55	3	that	that	SCONJ
ftr-312	55	4	tax	tax	NOUN
ftr-312	55	5	factors	factor	NOUN
ftr-312	55	6	may	may	AUX
ftr-312	55	7	drive	drive	VERB
ftr-312	55	8	some	some	DET
ftr-312	55	9	non	non	ADJ
ftr-312	55	10	-	-	ADJ
ftr-312	55	11	us	we	PRON
ftr-312	55	12	incorporation	incorporation	NOUN
ftr-312	55	13	decisions	decision	NOUN
ftr-312	55	14	.	.	PUNCT
ftr-312	56	1	for	for	ADP
ftr-312	56	2	example	example	NOUN
ftr-312	56	3	,	,	PUNCT
ftr-312	56	4	a	a	DET
ftr-312	56	5	favorable	favorable	ADJ
ftr-312	56	6	set	set	NOUN
ftr-312	56	7	of	of	ADP
ftr-312	56	8	tax	tax	NOUN
ftr-312	56	9	rules	rule	NOUN
ftr-312	56	10	supports	support	VERB
ftr-312	56	11	a	a	DET
ftr-312	56	12	bermuda	bermuda	NOUN
ftr-312	56	13	incorporation	incorporation	NOUN
ftr-312	56	14	decision	decision	NOUN
ftr-312	56	15	for	for	ADP
ftr-312	56	16	certain	certain	ADJ
ftr-312	56	17	insurance	insurance	NOUN
ftr-312	56	18	companies	company	NOUN
ftr-312	56	19	that	that	PRON
ftr-312	56	20	cover	cover	VERB
ftr-312	56	21	us	we	PRON
ftr-312	56	22	risks	risk	NOUN
ftr-312	56	23	.	.	PUNCT
ftr-312	57	1	in	in	ADP
ftr-312	57	2	addition	addition	NOUN
ftr-312	57	3	,	,	PUNCT
ftr-312	57	4	nontax	nontax	ADJ
ftr-312	57	5	legal	legal	ADJ
ftr-312	57	6	factors	factor	NOUN
ftr-312	57	7	play	play	VERB
ftr-312	57	8	a	a	DET
ftr-312	57	9	role	role	NOUN
ftr-312	57	10	in	in	ADP
ftr-312	57	11	encouraging	encourage	VERB
ftr-312	57	12	some	some	DET
ftr-312	57	13	firms	firm	NOUN
ftr-312	57	14	to	to	PART
ftr-312	57	15	incorporate	incorporate	VERB
ftr-312	57	16	outside	outside	ADP
ftr-312	57	17	the	the	DET
ftr-312	57	18	united	united	PROPN
ftr-312	57	19	states	states	PROPN
ftr-312	57	20	.	.	PUNCT
ftr-312	58	1	a	a	DET
ftr-312	58	2	number	number	NOUN
ftr-312	58	3	of	of	ADP
ftr-312	58	4	tax	tax	NOUN
ftr-312	58	5	and	and	CCONJ
ftr-312	58	6	nontax	nontax	ADJ
ftr-312	58	7	legal	legal	ADJ
ftr-312	58	8	factors	factor	NOUN
ftr-312	58	9	facilitate	facilitate	VERB
ftr-312	58	10	marine	marine	ADJ
ftr-312	58	11	transportation	transportation	NOUN
ftr-312	58	12	firms	firm	NOUN
ftr-312	58	13	’	'	PUNCT
ftr-312	58	14	non	non	ADJ
ftr-312	58	15	-	-	ADJ
ftr-312	58	16	us	us	PROPN
ftr-312	58	17	incorporation	incorporation	NOUN
ftr-312	58	18	decisions	decision	NOUN
ftr-312	58	19	,	,	PUNCT
ftr-312	58	20	for	for	ADP
ftr-312	58	21	example	example	NOUN
ftr-312	58	22	.	.	PUNCT
ftr-312	59	1	online	online	ADJ
ftr-312	59	2	gambling	gambling	NOUN
ftr-312	59	3	provides	provide	VERB
ftr-312	59	4	another	another	DET
ftr-312	59	5	example	example	NOUN
ftr-312	59	6	of	of	ADP
ftr-312	59	7	an	an	DET
ftr-312	59	8	industry	industry	NOUN
ftr-312	59	9	in	in	ADP
ftr-312	59	10	which	which	PRON
ftr-312	59	11	regulatory	regulatory	ADJ
ftr-312	59	12	factors	factor	NOUN
ftr-312	59	13	have	have	AUX
ftr-312	59	14	supported	support	VERB
ftr-312	59	15	a	a	DET
ftr-312	59	16	non	non	ADJ
ftr-312	59	17	-	-	ADJ
ftr-312	59	18	us	us	ADJ
ftr-312	59	19	incorporation	incorporation	NOUN
ftr-312	59	20	decision	decision	NOUN
ftr-312	59	21	.	.	PUNCT
ftr-312	60	1	additional	additional	ADJ
ftr-312	60	2	anecdotal	anecdotal	ADJ
ftr-312	60	3	examples	example	NOUN
ftr-312	60	4	of	of	ADP
ftr-312	60	5	us	us	PROPN
ftr-312	60	6	-	-	PUNCT
ftr-312	60	7	based	base	VERB
ftr-312	60	8	,	,	PUNCT
ftr-312	60	9	tax	tax	NOUN
ftr-312	60	10	-	-	PUNCT
ftr-312	60	11	haven	haven	NOUN
ftr-312	60	12	-	-	PUNCT
ftr-312	60	13	incorporated	incorporate	VERB
ftr-312	60	14	firms	firm	NOUN
ftr-312	60	15	also	also	ADV
ftr-312	60	16	suggest	suggest	VERB
ftr-312	60	17	that	that	SCONJ
ftr-312	60	18	resource	resource	NOUN
ftr-312	60	19	constraints	constraint	NOUN
ftr-312	60	20	and	and	CCONJ
ftr-312	60	21	investor	investor	NOUN
ftr-312	60	22	preferences	preference	NOUN
ftr-312	60	23	influence	influence	VERB
ftr-312	60	24	non	non	ADJ
ftr-312	60	25	-	-	ADJ
ftr-312	60	26	us	we	PRON
ftr-312	60	27	incorporation	incorporation	NOUN
ftr-312	60	28	decisions	decision	NOUN
ftr-312	60	29	.	.	PUNCT
ftr-312	61	1	with	with	ADP
ftr-312	61	2	respect	respect	NOUN
ftr-312	61	3	to	to	ADP
ftr-312	61	4	resource	resource	NOUN
ftr-312	61	5	constraints	constraint	NOUN
ftr-312	61	6	,	,	PUNCT
ftr-312	61	7	several	several	ADJ
ftr-312	61	8	us	us	PROPN
ftr-312	61	9	-	-	PUNCT
ftr-312	61	10	based	base	VERB
ftr-312	61	11	,	,	PUNCT
ftr-312	61	12	non	non	ADJ
ftr-312	61	13	-	-	ADJ
ftr-312	61	14	us	we	PRON
ftr-312	61	15	incorporated	incorporate	VERB
ftr-312	61	16	firms	firm	NOUN
ftr-312	61	17	received	receive	VERB
ftr-312	61	18	funding	funding	NOUN
ftr-312	61	19	from	from	ADP
ftr-312	61	20	deep	deep	ADJ
ftr-312	61	21	-	-	PUNCT
ftr-312	61	22	pocketed	pocket	VERB
ftr-312	61	23	sources	source	NOUN
ftr-312	61	24	other	other	ADJ
ftr-312	61	25	than	than	ADP
ftr-312	61	26	venture	venture	NOUN
ftr-312	61	27	capital	capital	NOUN
ftr-312	61	28	funds	fund	NOUN
ftr-312	61	29	.	.	PUNCT
ftr-312	62	1	in	in	ADP
ftr-312	62	2	each	each	PRON
ftr-312	62	3	of	of	ADP
ftr-312	62	4	these	these	DET
ftr-312	62	5	cases	case	NOUN
ftr-312	62	6	,	,	PUNCT
ftr-312	62	7	one	one	NUM
ftr-312	62	8	or	or	CCONJ
ftr-312	62	9	more	more	ADV
ftr-312	62	10	wealthy	wealthy	ADJ
ftr-312	62	11	individuals	individual	NOUN
ftr-312	62	12	,	,	PUNCT
ftr-312	62	13	a	a	DET
ftr-312	62	14	large	large	ADJ
ftr-312	62	15	corporation	corporation	NOUN
ftr-312	62	16	or	or	CCONJ
ftr-312	62	17	a	a	DET
ftr-312	62	18	private	private	ADJ
ftr-312	62	19	equity	equity	NOUN
ftr-312	62	20	firm	firm	NOUN
ftr-312	62	21	made	make	VERB
ftr-312	62	22	an	an	DET
ftr-312	62	23	up	up	ADJ
ftr-312	62	24	-	-	PUNCT
ftr-312	62	25	front	front	NOUN
ftr-312	62	26	investment	investment	NOUN
ftr-312	62	27	in	in	ADP
ftr-312	62	28	a	a	DET
ftr-312	62	29	custom	custom	ADJ
ftr-312	62	30	,	,	PUNCT
ftr-312	62	31	tax	tax	NOUN
ftr-312	62	32	-	-	PUNCT
ftr-312	62	33	haven	haven	NOUN
ftr-312	62	34	-	-	PUNCT
ftr-312	62	35	parented	parent	VERB
ftr-312	62	36	structure	structure	NOUN
ftr-312	62	37	.	.	PUNCT
ftr-312	63	1	with	with	ADP
ftr-312	63	2	respect	respect	NOUN
ftr-312	63	3	to	to	ADP
ftr-312	63	4	investor	investor	NOUN
ftr-312	63	5	preferences	preference	NOUN
ftr-312	63	6	,	,	PUNCT
ftr-312	63	7	founder	founder	NOUN
ftr-312	63	8	or	or	CCONJ
ftr-312	63	9	investor	investor	NOUN
ftr-312	63	10	links	link	NOUN
ftr-312	63	11	with	with	ADP
ftr-312	63	12	an	an	DET
ftr-312	63	13	incorporation	incorporation	NOUN
ftr-312	63	14	jurisdiction	jurisdiction	NOUN
ftr-312	63	15	might	might	AUX
ftr-312	63	16	lead	lead	VERB
ftr-312	63	17	to	to	ADP
ftr-312	63	18	a	a	DET
ftr-312	63	19	preference	preference	NOUN
ftr-312	63	20	for	for	ADP
ftr-312	63	21	non	non	ADJ
ftr-312	63	22	-	-	ADJ
ftr-312	63	23	us	us	ADJ
ftr-312	63	24	incorporation	incorporation	NOUN
ftr-312	63	25	.	.	PUNCT
ftr-312	64	1	an	an	DET
ftr-312	64	2	investor	investor	NOUN
ftr-312	64	3	preference	preference	NOUN
ftr-312	64	4	for	for	ADP
ftr-312	64	5	non	non	ADJ
ftr-312	64	6	-	-	ADJ
ftr-312	64	7	us	we	PRON
ftr-312	64	8	incorporation	incorporation	NOUN
ftr-312	64	9	might	might	AUX
ftr-312	64	10	proceed	proceed	VERB
ftr-312	64	11	from	from	ADP
ftr-312	64	12	current	current	ADJ
ftr-312	64	13	tax	tax	NOUN
ftr-312	64	14	and	and	CCONJ
ftr-312	64	15	non	non	ADJ
ftr-312	64	16	-	-	ADJ
ftr-312	64	17	tax	tax	ADJ
ftr-312	64	18	legal	legal	ADJ
ftr-312	64	19	considerations	consideration	NOUN
ftr-312	64	20	specific	specific	ADJ
ftr-312	64	21	to	to	ADP
ftr-312	64	22	the	the	DET
ftr-312	64	23	investor	investor	NOUN
ftr-312	64	24	,	,	PUNCT
ftr-312	64	25	or	or	CCONJ
ftr-312	64	26	simply	simply	ADV
ftr-312	64	27	from	from	ADP
ftr-312	64	28	greater	great	ADJ
ftr-312	64	29	familiarity	familiarity	NOUN
ftr-312	64	30	with	with	ADP
ftr-312	64	31	non	non	ADJ
ftr-312	64	32	-	-	ADJ
ftr-312	64	33	us	us	ADJ
ftr-312	64	34	law	law	NOUN
ftr-312	64	35	on	on	ADP
ftr-312	64	36	the	the	DET
ftr-312	64	37	part	part	NOUN
ftr-312	64	38	of	of	ADP
ftr-312	64	39	the	the	DET
ftr-312	64	40	investor	investor	NOUN
ftr-312	64	41	or	or	CCONJ
ftr-312	64	42	the	the	DET
ftr-312	64	43	investor	investor	NOUN
ftr-312	64	44	’s	’s	PART
ftr-312	64	45	advisors	advisor	NOUN
ftr-312	64	46	.	.	PUNCT
ftr-312	65	1	separately	separately	ADV
ftr-312	65	2	,	,	PUNCT
ftr-312	65	3	the	the	DET
ftr-312	65	4	investor	investor	NOUN
ftr-312	65	5	might	might	AUX
ftr-312	65	6	believe	believe	VERB
ftr-312	65	7	that	that	SCONJ
ftr-312	65	8	non	non	ADJ
ftr-312	65	9	-	-	ADJ
ftr-312	65	10	us	we	PRON
ftr-312	65	11	incorporation	incorporation	NOUN
ftr-312	65	12	would	would	AUX
ftr-312	65	13	further	further	VERB
ftr-312	65	14	the	the	DET
ftr-312	65	15	goal	goal	NOUN
ftr-312	65	16	of	of	ADP
ftr-312	65	17	positioning	position	VERB
ftr-312	65	18	the	the	DET
ftr-312	65	19	startup	startup	NOUN
ftr-312	65	20	firm	firm	NOUN
ftr-312	65	21	as	as	ADP
ftr-312	65	22	a	a	DET
ftr-312	65	23	more	more	ADV
ftr-312	65	24	attractive	attractive	ADJ
ftr-312	65	25	acquisition	acquisition	NOUN
ftr-312	65	26	candidate	candidate	NOUN
ftr-312	65	27	.	.	PUNCT
ftr-312	66	1	ii	ii	PROPN
ftr-312	66	2	.	.	PUNCT
ftr-312	67	1	why	why	SCONJ
ftr-312	67	2	startups	startup	NOUN
ftr-312	67	3	’	'	PUNCT
ftr-312	67	4	place	place	NOUN
ftr-312	67	5	of	of	ADP
ftr-312	67	6	incorporation	incorporation	NOUN
ftr-312	67	7	matters	matter	NOUN
ftr-312	67	8	for	for	ADP
ftr-312	67	9	tax	tax	NOUN
ftr-312	67	10	a.	a.	NOUN
ftr-312	67	11	being	be	AUX
ftr-312	67	12	a	a	DET
ftr-312	67	13	us	us	PROPN
ftr-312	67	14	-	-	PUNCT
ftr-312	67	15	parented	parent	VERB
ftr-312	67	16	mnc	mnc	PROPN
ftr-312	67	17	us	us	PROPN
ftr-312	67	18	law	law	PROPN
ftr-312	67	19	uses	use	VERB
ftr-312	67	20	a	a	DET
ftr-312	67	21	brittle	brittle	ADJ
ftr-312	67	22	place	place	NOUN
ftr-312	67	23	-	-	PUNCT
ftr-312	67	24	of	of	ADP
ftr-312	67	25	-	-	PUNCT
ftr-312	67	26	incorporation	incorporation	NOUN
ftr-312	67	27	rule	rule	NOUN
ftr-312	67	28	to	to	PART
ftr-312	67	29	determine	determine	VERB
ftr-312	67	30	corporate	corporate	ADJ
ftr-312	67	31	tax	tax	NOUN
ftr-312	67	32	residence.5	residence.5	NOUN
ftr-312	67	33	a	a	DET
ftr-312	67	34	firm	firm	NOUN
ftr-312	67	35	incorporated	incorporate	VERB
ftr-312	67	36	in	in	ADP
ftr-312	67	37	delaware	delaware	PROPN
ftr-312	67	38	that	that	PRON
ftr-312	67	39	lacks	lack	VERB
ftr-312	67	40	any	any	DET
ftr-312	67	41	corporate	corporate	ADJ
ftr-312	67	42	functions	function	NOUN
ftr-312	67	43	in	in	ADP
ftr-312	67	44	the	the	DET
ftr-312	67	45	united	united	PROPN
ftr-312	67	46	states	states	PROPN
ftr-312	67	47	must	must	AUX
ftr-312	67	48	still	still	ADV
ftr-312	67	49	pay	pay	VERB
ftr-312	67	50	us	we	PRON
ftr-312	67	51	corporate	corporate	ADJ
ftr-312	67	52	income	income	NOUN
ftr-312	67	53	tax	tax	NOUN
ftr-312	67	54	.	.	PUNCT
ftr-312	68	1	a	a	DET
ftr-312	68	2	firm	firm	NOUN
ftr-312	68	3	incorporated	incorporate	VERB
ftr-312	68	4	in	in	ADP
ftr-312	68	5	bermuda	bermuda	NOUN
ftr-312	68	6	and	and	CCONJ
ftr-312	68	7	headquartered	headquarter	VERB
ftr-312	68	8	in	in	ADP
ftr-312	68	9	and	and	CCONJ
ftr-312	68	10	managed	manage	VERB
ftr-312	68	11	5	5	NUM
ftr-312	68	12	.	.	PUNCT
ftr-312	68	13	see	see	VERB
ftr-312	68	14	i.r.c	i.r.c	NOUN
ftr-312	68	15	.	.	PUNCT
ftr-312	69	1	§	§	PROPN
ftr-312	69	2	7701(a)(4	7701(a)(4	NUM
ftr-312	69	3	)	)	PUNCT
ftr-312	69	4	.	.	PUNCT
ftr-312	70	1	2013	2013	NUM
ftr-312	70	2	]	]	PUNCT
ftr-312	70	3	tax	tax	NOUN
ftr-312	70	4	planning	planning	NOUN
ftr-312	70	5	and	and	CCONJ
ftr-312	70	6	initial	initial	ADJ
ftr-312	70	7	incorporation	incorporation	NOUN
ftr-312	70	8	location	location	NOUN
ftr-312	70	9	323	323	NUM
ftr-312	70	10	from	from	ADP
ftr-312	70	11	the	the	DET
ftr-312	70	12	united	united	PROPN
ftr-312	70	13	states	states	PROPN
ftr-312	70	14	does	do	AUX
ftr-312	70	15	not	not	PART
ftr-312	70	16	automatically	automatically	ADV
ftr-312	70	17	pay	pay	VERB
ftr-312	70	18	us	we	PRON
ftr-312	70	19	corporate	corporate	ADJ
ftr-312	70	20	income	income	NOUN
ftr-312	70	21	tax	tax	NOUN
ftr-312	70	22	by	by	ADP
ftr-312	70	23	reason	reason	NOUN
ftr-312	70	24	of	of	ADP
ftr-312	70	25	corporate	corporate	ADJ
ftr-312	70	26	residence.6	residence.6	NOUN
ftr-312	70	27	a	a	DET
ftr-312	70	28	typical	typical	ADJ
ftr-312	70	29	us	us	PROPN
ftr-312	70	30	-	-	PUNCT
ftr-312	70	31	parented	parent	VERB
ftr-312	70	32	mnc	mnc	PROPN
ftr-312	70	33	structure	structure	NOUN
ftr-312	70	34	features	feature	VERB
ftr-312	70	35	a	a	DET
ftr-312	70	36	us	us	PROPN
ftr-312	70	37	corporate	corporate	ADJ
ftr-312	70	38	parent	parent	NOUN
ftr-312	70	39	that	that	PRON
ftr-312	70	40	owns	own	VERB
ftr-312	70	41	non	non	ADJ
ftr-312	70	42	-	-	ADJ
ftr-312	70	43	us	us	ADJ
ftr-312	70	44	operating	operating	NOUN
ftr-312	70	45	subsidiaries	subsidiary	NOUN
ftr-312	70	46	through	through	ADP
ftr-312	70	47	intermediate	intermediate	ADJ
ftr-312	70	48	low	low	ADJ
ftr-312	70	49	-	-	PUNCT
ftr-312	70	50	tax	tax	NOUN
ftr-312	70	51	holding	holding	NOUN
ftr-312	70	52	corporations.7	corporations.7	NOUN
ftr-312	70	53	because	because	SCONJ
ftr-312	70	54	the	the	DET
ftr-312	70	55	us	us	PROPN
ftr-312	70	56	rules	rule	NOUN
ftr-312	70	57	treat	treat	VERB
ftr-312	70	58	separately	separately	ADV
ftr-312	70	59	incorporated	incorporate	VERB
ftr-312	70	60	affiliates	affiliate	NOUN
ftr-312	70	61	as	as	SCONJ
ftr-312	70	62	separate	separate	ADJ
ftr-312	70	63	taxpayers,8	taxpayers,8	NOUN
ftr-312	70	64	non	non	ADJ
ftr-312	70	65	-	-	ADJ
ftr-312	70	66	us	us	ADJ
ftr-312	70	67	corporate	corporate	ADJ
ftr-312	70	68	subsidiaries	subsidiary	NOUN
ftr-312	70	69	of	of	ADP
ftr-312	70	70	a	a	DET
ftr-312	70	71	us	us	PROPN
ftr-312	70	72	parent	parent	NOUN
ftr-312	70	73	are	be	AUX
ftr-312	70	74	not	not	PART
ftr-312	70	75	automatically	automatically	ADV
ftr-312	70	76	required	require	VERB
ftr-312	70	77	to	to	PART
ftr-312	70	78	pay	pay	VERB
ftr-312	70	79	us	we	PRON
ftr-312	70	80	federal	federal	ADJ
ftr-312	70	81	income	income	NOUN
ftr-312	70	82	tax	tax	NOUN
ftr-312	70	83	on	on	ADP
ftr-312	70	84	all	all	PRON
ftr-312	70	85	of	of	ADP
ftr-312	70	86	their	their	PRON
ftr-312	70	87	income	income	NOUN
ftr-312	70	88	.	.	PUNCT
ftr-312	71	1	under	under	ADP
ftr-312	71	2	applicable	applicable	ADJ
ftr-312	71	3	anti	anti	ADJ
ftr-312	71	4	-	-	ADJ
ftr-312	71	5	deferral	deferral	ADJ
ftr-312	71	6	and	and	CCONJ
ftr-312	71	7	other	other	ADJ
ftr-312	71	8	rules	rule	NOUN
ftr-312	71	9	,	,	PUNCT
ftr-312	71	10	a	a	DET
ftr-312	71	11	us	us	PROPN
ftr-312	71	12	-	-	PUNCT
ftr-312	71	13	parented	parent	VERB
ftr-312	71	14	mnc	mnc	PROPN
ftr-312	71	15	must	must	AUX
ftr-312	71	16	currently	currently	ADV
ftr-312	71	17	pay	pay	VERB
ftr-312	71	18	tax	tax	NOUN
ftr-312	71	19	on	on	ADP
ftr-312	71	20	the	the	DET
ftr-312	71	21	income	income	NOUN
ftr-312	71	22	of	of	ADP
ftr-312	71	23	its	its	PRON
ftr-312	71	24	foreign	foreign	ADJ
ftr-312	71	25	subsidiaries	subsidiary	NOUN
ftr-312	71	26	to	to	ADP
ftr-312	71	27	the	the	DET
ftr-312	71	28	extent	extent	NOUN
ftr-312	71	29	such	such	ADJ
ftr-312	71	30	income	income	NOUN
ftr-312	71	31	falls	fall	VERB
ftr-312	71	32	into	into	ADP
ftr-312	71	33	the	the	DET
ftr-312	71	34	definition	definition	NOUN
ftr-312	71	35	of	of	ADP
ftr-312	71	36	“	"	PUNCT
ftr-312	71	37	subpart	subpart	NOUN
ftr-312	71	38	f	f	PROPN
ftr-312	71	39	income”9	income”9	NOUN
ftr-312	71	40	or	or	CCONJ
ftr-312	71	41	is	be	AUX
ftr-312	71	42	distributed	distribute	VERB
ftr-312	71	43	as	as	ADP
ftr-312	71	44	dividend	dividend	NOUN
ftr-312	71	45	income	income	NOUN
ftr-312	71	46	,	,	PUNCT
ftr-312	71	47	in	in	ADP
ftr-312	71	48	each	each	DET
ftr-312	71	49	case	case	NOUN
ftr-312	71	50	subject	subject	ADJ
ftr-312	71	51	to	to	ADP
ftr-312	71	52	the	the	DET
ftr-312	71	53	reduction	reduction	NOUN
ftr-312	71	54	of	of	ADP
ftr-312	71	55	us	us	PROPN
ftr-312	71	56	tax	tax	NOUN
ftr-312	71	57	under	under	ADP
ftr-312	71	58	applicable	applicable	ADJ
ftr-312	71	59	foreign	foreign	ADJ
ftr-312	71	60	tax	tax	NOUN
ftr-312	71	61	credit	credit	NOUN
ftr-312	71	62	provisions.10	provisions.10	NOUN
ftr-312	71	63	us	us	PROPN
ftr-312	71	64	-	-	PUNCT
ftr-312	71	65	parented	parent	VERB
ftr-312	71	66	mncs	mncs	PROPN
ftr-312	71	67	use	use	VERB
ftr-312	71	68	transfer	transfer	NOUN
ftr-312	71	69	pricing	pricing	NOUN
ftr-312	71	70	,	,	PUNCT
ftr-312	71	71	deduction	deduction	NOUN
ftr-312	71	72	allocation	allocation	NOUN
ftr-312	71	73	,	,	PUNCT
ftr-312	71	74	income	income	NOUN
ftr-312	71	75	source	source	NOUN
ftr-312	71	76	and	and	CCONJ
ftr-312	71	77	subpart	subpart	NOUN
ftr-312	71	78	f	f	PROPN
ftr-312	71	79	planning	planning	NOUN
ftr-312	71	80	to	to	PART
ftr-312	71	81	allocate	allocate	VERB
ftr-312	71	82	profits	profit	NOUN
ftr-312	71	83	to	to	ADP
ftr-312	71	84	low	low	ADJ
ftr-312	71	85	-	-	PUNCT
ftr-312	71	86	tax	tax	NOUN
ftr-312	71	87	subsidiaries	subsidiary	NOUN
ftr-312	71	88	and	and	CCONJ
ftr-312	71	89	use	use	VERB
ftr-312	71	90	foreign	foreign	ADJ
ftr-312	71	91	tax	tax	NOUN
ftr-312	71	92	credit	credit	NOUN
ftr-312	71	93	planning	planning	NOUN
ftr-312	71	94	,	,	PUNCT
ftr-312	71	95	treaty	treaty	NOUN
ftr-312	71	96	planning	planning	NOUN
ftr-312	71	97	,	,	PUNCT
ftr-312	71	98	base	base	NOUN
ftr-312	71	99	erosion	erosion	NOUN
ftr-312	71	100	strategies	strategy	NOUN
ftr-312	71	101	,	,	PUNCT
ftr-312	71	102	and	and	CCONJ
ftr-312	71	103	borrowing	borrow	VERB
ftr-312	71	104	to	to	PART
ftr-312	71	105	minimize	minimize	VERB
ftr-312	71	106	non	non	ADJ
ftr-312	71	107	-	-	ADJ
ftr-312	71	108	us	us	ADJ
ftr-312	71	109	taxes	taxis	NOUN
ftr-312	71	110	and	and	CCONJ
ftr-312	71	111	the	the	DET
ftr-312	71	112	residual	residual	ADJ
ftr-312	71	113	us	us	PROPN
ftr-312	71	114	federal	federal	ADJ
ftr-312	71	115	income	income	NOUN
ftr-312	71	116	tax	tax	NOUN
ftr-312	71	117	due	due	ADJ
ftr-312	71	118	upon	upon	ADV
ftr-312	71	119	repatriation.11	repatriation.11	ADJ
ftr-312	71	120	as	as	ADP
ftr-312	71	121	a	a	DET
ftr-312	71	122	result	result	NOUN
ftr-312	71	123	,	,	PUNCT
ftr-312	71	124	the	the	DET
ftr-312	71	125	non	non	ADJ
ftr-312	71	126	-	-	ADJ
ftr-312	71	127	us	us	ADJ
ftr-312	71	128	income	income	NOUN
ftr-312	71	129	6	6	NUM
ftr-312	71	130	.	.	PUNCT
ftr-312	72	1	see	see	VERB
ftr-312	72	2	shaviro	shaviro	NOUN
ftr-312	72	3	,	,	PUNCT
ftr-312	72	4	rising	rise	VERB
ftr-312	72	5	tax	tax	NOUN
ftr-312	72	6	-	-	PUNCT
ftr-312	72	7	electivity	electivity	NOUN
ftr-312	72	8	of	of	ADP
ftr-312	72	9	u.s	u.s	PROPN
ftr-312	72	10	.	.	PROPN
ftr-312	72	11	corporate	corporate	ADJ
ftr-312	72	12	residence	residence	NOUN
ftr-312	72	13	,	,	PUNCT
ftr-312	72	14	supra	supra	PROPN
ftr-312	72	15	note	note	NOUN
ftr-312	72	16	2	2	NUM
ftr-312	72	17	,	,	PUNCT
ftr-312	72	18	at	at	ADP
ftr-312	72	19	377–78	377–78	NUM
ftr-312	72	20	(	(	PUNCT
ftr-312	72	21	2011	2011	NUM
ftr-312	72	22	)	)	PUNCT
ftr-312	72	23	(	(	PUNCT
ftr-312	72	24	noting	note	VERB
ftr-312	72	25	the	the	DET
ftr-312	72	26	difference	difference	NOUN
ftr-312	72	27	in	in	ADP
ftr-312	72	28	us	us	PROPN
ftr-312	72	29	tax	tax	NOUN
ftr-312	72	30	results	result	NOUN
ftr-312	72	31	that	that	PRON
ftr-312	72	32	turns	turn	VERB
ftr-312	72	33	on	on	ADP
ftr-312	72	34	place	place	NOUN
ftr-312	72	35	of	of	ADP
ftr-312	72	36	incorporation	incorporation	NOUN
ftr-312	72	37	)	)	PUNCT
ftr-312	72	38	.	.	PUNCT
ftr-312	73	1	7	7	X
ftr-312	73	2	.	.	X
ftr-312	73	3	edward	edward	PROPN
ftr-312	73	4	d.	d.	PROPN
ftr-312	73	5	kleinbard	kleinbard	PROPN
ftr-312	73	6	,	,	PUNCT
ftr-312	73	7	stateless	stateless	NOUN
ftr-312	73	8	income	income	NOUN
ftr-312	73	9	,	,	PUNCT
ftr-312	73	10	11	11	NUM
ftr-312	73	11	fla	fla	NOUN
ftr-312	73	12	.	.	PUNCT
ftr-312	74	1	tax	tax	PROPN
ftr-312	74	2	rev	rev	PROPN
ftr-312	74	3	.	.	PROPN
ftr-312	74	4	699	699	NUM
ftr-312	74	5	,	,	PUNCT
ftr-312	74	6	706–09	706–09	NUM
ftr-312	74	7	(	(	PUNCT
ftr-312	74	8	2011	2011	NUM
ftr-312	74	9	)	)	PUNCT
ftr-312	75	1	[	[	X
ftr-312	75	2	hereinafter	hereinafter	NOUN
ftr-312	75	3	kleinbard	kleinbard	NOUN
ftr-312	75	4	,	,	PUNCT
ftr-312	75	5	stateless	stateless	NOUN
ftr-312	75	6	income	income	NOUN
ftr-312	75	7	]	]	PUNCT
ftr-312	75	8	(	(	PUNCT
ftr-312	75	9	giving	give	VERB
ftr-312	75	10	google	google	NOUN
ftr-312	75	11	structure	structure	NOUN
ftr-312	75	12	as	as	ADP
ftr-312	75	13	an	an	DET
ftr-312	75	14	example	example	NOUN
ftr-312	75	15	)	)	PUNCT
ftr-312	75	16	.	.	PUNCT
ftr-312	76	1	8	8	X
ftr-312	76	2	.	.	X
ftr-312	77	1	see	see	VERB
ftr-312	77	2	commissioner	commissioner	NOUN
ftr-312	77	3	v.	v.	PROPN
ftr-312	77	4	bollinger	bollinger	PROPN
ftr-312	77	5	,	,	PUNCT
ftr-312	77	6	485	485	NUM
ftr-312	77	7	u.s	u.s	PROPN
ftr-312	77	8	.	.	PROPN
ftr-312	77	9	340	340	NUM
ftr-312	77	10	(	(	PUNCT
ftr-312	77	11	1988	1988	NUM
ftr-312	77	12	)	)	PUNCT
ftr-312	77	13	;	;	PUNCT
ftr-312	77	14	moline	moline	NOUN
ftr-312	77	15	properties	properties	PROPN
ftr-312	77	16	inc	inc	PROPN
ftr-312	77	17	.	.	PROPN
ftr-312	78	1	v.	v.	PROPN
ftr-312	78	2	commissioner	commissioner	PROPN
ftr-312	78	3	,	,	PUNCT
ftr-312	78	4	319	319	NUM
ftr-312	78	5	u.s	u.s	PROPN
ftr-312	78	6	.	.	PROPN
ftr-312	78	7	436	436	NUM
ftr-312	78	8	(	(	PUNCT
ftr-312	78	9	1943	1943	NUM
ftr-312	78	10	)	)	PUNCT
ftr-312	78	11	.	.	PUNCT
ftr-312	79	1	9	9	X
ftr-312	79	2	.	.	X
ftr-312	79	3	i.r.c	i.r.c	NOUN
ftr-312	79	4	.	.	PUNCT
ftr-312	80	1	§	§	PROPN
ftr-312	80	2	951(a	951(a	PROPN
ftr-312	80	3	)	)	PUNCT
ftr-312	80	4	.	.	PUNCT
ftr-312	81	1	subpart	subpart	PROPN
ftr-312	81	2	f	f	PROPN
ftr-312	81	3	is	be	AUX
ftr-312	81	4	intended	intend	VERB
ftr-312	81	5	to	to	PART
ftr-312	81	6	impose	impose	VERB
ftr-312	81	7	current	current	ADJ
ftr-312	81	8	tax	tax	NOUN
ftr-312	81	9	on	on	ADP
ftr-312	81	10	mobile	mobile	ADJ
ftr-312	81	11	and	and	CCONJ
ftr-312	81	12	passive	passive	ADJ
ftr-312	81	13	income	income	NOUN
ftr-312	81	14	.	.	PUNCT
ftr-312	82	1	see	see	VERB
ftr-312	82	2	,	,	PUNCT
ftr-312	82	3	e.g.	e.g.	ADV
ftr-312	82	4	,	,	PUNCT
ftr-312	82	5	lawrence	lawrence	PROPN
ftr-312	82	6	lokken	lokken	PROPN
ftr-312	82	7	,	,	PUNCT
ftr-312	82	8	whatever	whatever	PRON
ftr-312	82	9	happened	happen	VERB
ftr-312	82	10	to	to	PART
ftr-312	82	11	subpart	subpart	VERB
ftr-312	82	12	f	f	PROPN
ftr-312	82	13	?	?	PUNCT
ftr-312	83	1	u.s	u.s	PROPN
ftr-312	83	2	.	.	PROPN
ftr-312	83	3	cfc	cfc	PROPN
ftr-312	83	4	legislation	legislation	NOUN
ftr-312	83	5	after	after	ADP
ftr-312	83	6	the	the	DET
ftr-312	83	7	check	check	VERB
ftr-312	83	8	-	-	PUNCT
ftr-312	83	9	the	the	DET
ftr-312	83	10	-	-	PUNCT
ftr-312	83	11	box	box	NOUN
ftr-312	83	12	regulations	regulation	NOUN
ftr-312	83	13	,	,	PUNCT
ftr-312	83	14	7	7	NUM
ftr-312	83	15	fla	fla	NOUN
ftr-312	83	16	.	.	PUNCT
ftr-312	84	1	tax	tax	PROPN
ftr-312	84	2	rev	rev	PROPN
ftr-312	84	3	.	.	PROPN
ftr-312	84	4	185	185	NUM
ftr-312	84	5	,	,	PUNCT
ftr-312	84	6	192	192	NUM
ftr-312	84	7	(	(	PUNCT
ftr-312	84	8	2005	2005	NUM
ftr-312	84	9	)	)	PUNCT
ftr-312	84	10	(	(	PUNCT
ftr-312	85	1	noting	note	VERB
ftr-312	85	2	that	that	SCONJ
ftr-312	85	3	subpart	subpart	NOUN
ftr-312	85	4	f	f	PROPN
ftr-312	85	5	does	do	AUX
ftr-312	85	6	not	not	PART
ftr-312	85	7	target	target	VERB
ftr-312	85	8	active	active	ADJ
ftr-312	85	9	business	business	NOUN
ftr-312	85	10	income	income	NOUN
ftr-312	85	11	)	)	PUNCT
ftr-312	85	12	;	;	PUNCT
ftr-312	85	13	stephen	stephen	PROPN
ftr-312	85	14	e.	e.	PROPN
ftr-312	85	15	shay	shay	PROPN
ftr-312	85	16	,	,	PUNCT
ftr-312	85	17	exploring	explore	VERB
ftr-312	85	18	alternatives	alternative	NOUN
ftr-312	85	19	to	to	ADP
ftr-312	85	20	subpart	subpart	NOUN
ftr-312	85	21	f	f	PROPN
ftr-312	85	22	,	,	PUNCT
ftr-312	85	23	82	82	NUM
ftr-312	85	24	taxes	taxis	NOUN
ftr-312	85	25	29	29	NUM
ftr-312	85	26	,	,	PUNCT
ftr-312	85	27	29–30	29–30	NUM
ftr-312	85	28	(	(	PUNCT
ftr-312	85	29	2004	2004	NUM
ftr-312	85	30	)	)	PUNCT
ftr-312	85	31	(	(	PUNCT
ftr-312	85	32	referring	refer	VERB
ftr-312	85	33	to	to	ADP
ftr-312	85	34	subpart	subpart	PROPN
ftr-312	85	35	f	f	PROPN
ftr-312	85	36	’s	’s	ADV
ftr-312	85	37	targeting	target	VERB
ftr-312	85	38	of	of	ADP
ftr-312	85	39	passive	passive	ADJ
ftr-312	85	40	and	and	CCONJ
ftr-312	85	41	base	base	NOUN
ftr-312	85	42	company	company	NOUN
ftr-312	85	43	income	income	NOUN
ftr-312	85	44	)	)	PUNCT
ftr-312	85	45	.	.	PUNCT
ftr-312	86	1	10	10	X
ftr-312	86	2	.	.	X
ftr-312	86	3	see	see	VERB
ftr-312	86	4	i.r.c	i.r.c	NOUN
ftr-312	86	5	.	.	PUNCT
ftr-312	87	1	§	§	PROPN
ftr-312	87	2	901	901	NUM
ftr-312	87	3	(	(	PUNCT
ftr-312	87	4	granting	grant	VERB
ftr-312	87	5	foreign	foreign	ADJ
ftr-312	87	6	tax	tax	NOUN
ftr-312	87	7	credit	credit	NOUN
ftr-312	87	8	)	)	PUNCT
ftr-312	87	9	;	;	PUNCT
ftr-312	87	10	§	§	PROPN
ftr-312	87	11	902	902	NUM
ftr-312	87	12	(	(	PUNCT
ftr-312	87	13	providing	provide	VERB
ftr-312	87	14	for	for	ADP
ftr-312	87	15	deemed	deem	VERB
ftr-312	87	16	paid	pay	VERB
ftr-312	87	17	foreign	foreign	ADJ
ftr-312	87	18	tax	tax	NOUN
ftr-312	87	19	credit	credit	NOUN
ftr-312	87	20	when	when	SCONJ
ftr-312	87	21	foreign	foreign	ADJ
ftr-312	87	22	corporations	corporation	NOUN
ftr-312	87	23	distribute	distribute	VERB
ftr-312	87	24	dividends	dividend	NOUN
ftr-312	87	25	to	to	ADP
ftr-312	87	26	certain	certain	ADJ
ftr-312	87	27	us	we	PRON
ftr-312	87	28	corporate	corporate	ADJ
ftr-312	87	29	shareholders	shareholder	NOUN
ftr-312	87	30	)	)	PUNCT
ftr-312	87	31	;	;	PUNCT
ftr-312	87	32	§	§	PROPN
ftr-312	87	33	904	904	NUM
ftr-312	87	34	(	(	PUNCT
ftr-312	87	35	providing	provide	VERB
ftr-312	87	36	foreign	foreign	ADJ
ftr-312	87	37	tax	tax	NOUN
ftr-312	87	38	credit	credit	NOUN
ftr-312	87	39	limitation	limitation	NOUN
ftr-312	87	40	rules	rule	NOUN
ftr-312	87	41	)	)	PUNCT
ftr-312	87	42	.	.	PUNCT
ftr-312	88	1	11	11	NUM
ftr-312	88	2	.	.	X
ftr-312	89	1	see	see	VERB
ftr-312	89	2	j.	j.	PROPN
ftr-312	89	3	clifton	clifton	PROPN
ftr-312	89	4	fleming	fleming	PROPN
ftr-312	89	5	,	,	PUNCT
ftr-312	89	6	jr	jr	PROPN
ftr-312	89	7	.	.	PROPN
ftr-312	89	8	,	,	PUNCT
ftr-312	89	9	robert	robert	PROPN
ftr-312	89	10	j.	j.	PROPN
ftr-312	89	11	peroni	peroni	PROPN
ftr-312	89	12	&	&	CCONJ
ftr-312	89	13	stephen	stephen	PROPN
ftr-312	89	14	e.	e.	PROPN
ftr-312	89	15	shay	shay	PROPN
ftr-312	89	16	,	,	PUNCT
ftr-312	89	17	worse	bad	ADJ
ftr-312	89	18	than	than	ADP
ftr-312	89	19	exemption	exemption	NOUN
ftr-312	89	20	,	,	PUNCT
ftr-312	89	21	59	59	NUM
ftr-312	89	22	emory	emory	PROPN
ftr-312	89	23	l.	l.	PROPN
ftr-312	89	24	j.	j.	PROPN
ftr-312	89	25	79	79	PROPN
ftr-312	89	26	,	,	PUNCT
ftr-312	89	27	85	85	NUM
ftr-312	89	28	(	(	PUNCT
ftr-312	89	29	2009	2009	NUM
ftr-312	89	30	)	)	PUNCT
ftr-312	89	31	(	(	PUNCT
ftr-312	89	32	noting	note	VERB
ftr-312	89	33	“	"	PUNCT
ftr-312	89	34	overly	overly	ADV
ftr-312	89	35	generous	generous	ADJ
ftr-312	89	36	”	"	PUNCT
ftr-312	89	37	tax	tax	NOUN
ftr-312	89	38	benefits	benefit	NOUN
ftr-312	89	39	enjoyed	enjoy	VERB
ftr-312	89	40	by	by	ADP
ftr-312	89	41	us	us	PROPN
ftr-312	89	42	corporations	corporation	NOUN
ftr-312	89	43	)	)	PUNCT
ftr-312	89	44	;	;	PUNCT
ftr-312	89	45	kleinbard	kleinbard	ADJ
ftr-312	89	46	,	,	PUNCT
ftr-312	89	47	stateless	stateless	NOUN
ftr-312	89	48	income	income	NOUN
ftr-312	89	49	,	,	PUNCT
ftr-312	89	50	supra	supra	PROPN
ftr-312	89	51	note	note	NOUN
ftr-312	89	52	7	7	NUM
ftr-312	89	53	,	,	PUNCT
ftr-312	89	54	at	at	ADP
ftr-312	89	55	715–26	715–26	NOUN
ftr-312	89	56	(	(	PUNCT
ftr-312	89	57	arguing	argue	VERB
ftr-312	89	58	that	that	SCONJ
ftr-312	89	59	the	the	DET
ftr-312	89	60	us	us	PROPN
ftr-312	89	61	international	international	ADJ
ftr-312	89	62	corporate	corporate	ADJ
ftr-312	89	63	tax	tax	NOUN
ftr-312	89	64	system	system	NOUN
ftr-312	89	65	is	be	AUX
ftr-312	89	66	an	an	DET
ftr-312	89	67	“	"	PUNCT
ftr-312	89	68	ersatz	ersatz	ADJ
ftr-312	89	69	territorial	territorial	ADJ
ftr-312	89	70	”	"	PUNCT
ftr-312	89	71	system	system	NOUN
ftr-312	89	72	)	)	PUNCT
ftr-312	89	73	;	;	PUNCT
ftr-312	89	74	lawrence	lawrence	PROPN
ftr-312	89	75	lokken	lokken	PROPN
ftr-312	89	76	,	,	PUNCT
ftr-312	89	77	territorial	territorial	ADJ
ftr-312	89	78	taxation	taxation	NOUN
ftr-312	89	79	:	:	PUNCT
ftr-312	89	80	why	why	SCONJ
ftr-312	89	81	some	some	DET
ftr-312	89	82	u.s	u.s	PROPN
ftr-312	89	83	.	.	PROPN
ftr-312	89	84	multinationals	multinational	NOUN
ftr-312	89	85	may	may	AUX
ftr-312	89	86	be	be	AUX
ftr-312	89	87	less	less	ADJ
ftr-312	89	88	than	than	ADP
ftr-312	89	89	enthusiastic	enthusiastic	ADJ
ftr-312	89	90	about	about	ADP
ftr-312	89	91	the	the	DET
ftr-312	89	92	idea	idea	NOUN
ftr-312	89	93	(	(	PUNCT
ftr-312	89	94	and	and	CCONJ
ftr-312	89	95	some	some	DET
ftr-312	89	96	ideas	idea	NOUN
ftr-312	89	97	they	they	PRON
ftr-312	89	98	really	really	ADV
ftr-312	89	99	dislike	dislike	VERB
ftr-312	89	100	)	)	PUNCT
ftr-312	89	101	,	,	PUNCT
ftr-312	89	102	59	59	NUM
ftr-312	89	103	smu	smu	PROPN
ftr-312	89	104	l.	l.	PROPN
ftr-312	89	105	rev	rev	PROPN
ftr-312	89	106	.	.	PROPN
ftr-312	89	107	751	751	NUM
ftr-312	89	108	,	,	PUNCT
ftr-312	89	109	759	759	NUM
ftr-312	89	110	(	(	PUNCT
ftr-312	89	111	2006	2006	NUM
ftr-312	89	112	)	)	PUNCT
ftr-312	89	113	(	(	PUNCT
ftr-312	89	114	explaining	explain	VERB
ftr-312	89	115	that	that	SCONJ
ftr-312	89	116	“	"	PUNCT
ftr-312	89	117	refined	refined	ADJ
ftr-312	89	118	”	"	PUNCT
ftr-312	89	119	tax	tax	NOUN
ftr-312	89	120	planning	planning	NOUN
ftr-312	89	121	permits	permit	VERB
ftr-312	89	122	many	many	ADJ
ftr-312	89	123	us	us	PROPN
ftr-312	89	124	-	-	PUNCT
ftr-312	89	125	parented	parent	VERB
ftr-312	89	126	mncs	mncs	PROPN
ftr-312	89	127	to	to	PART
ftr-312	89	128	pay	pay	VERB
ftr-312	89	129	less	less	ADJ
ftr-312	89	130	under	under	ADP
ftr-312	89	131	current	current	ADJ
ftr-312	89	132	rules	rule	NOUN
ftr-312	89	133	than	than	SCONJ
ftr-312	89	134	they	they	PRON
ftr-312	89	135	would	would	AUX
ftr-312	89	136	under	under	ADP
ftr-312	89	137	a	a	DET
ftr-312	89	138	territorial	territorial	ADJ
ftr-312	89	139	system	system	NOUN
ftr-312	89	140	)	)	PUNCT
ftr-312	89	141	.	.	PUNCT
ftr-312	90	1	with	with	ADP
ftr-312	90	2	respect	respect	NOUN
ftr-312	90	3	to	to	ADP
ftr-312	90	4	the	the	DET
ftr-312	90	5	important	important	ADJ
ftr-312	90	6	technology	technology	NOUN
ftr-312	90	7	industry	industry	NOUN
ftr-312	90	8	strategy	strategy	NOUN
ftr-312	90	9	of	of	ADP
ftr-312	90	10	offshoring	offshore	VERB
ftr-312	90	11	intangibles	intangible	NOUN
ftr-312	90	12	at	at	ADP
ftr-312	90	13	advantageous	advantageous	ADJ
ftr-312	90	14	valuations	valuation	NOUN
ftr-312	90	15	,	,	PUNCT
ftr-312	90	16	see	see	VERB
ftr-312	90	17	yariv	yariv	PROPN
ftr-312	90	18	brauner	brauner	NOUN
ftr-312	90	19	,	,	PUNCT
ftr-312	90	20	324	324	NUM
ftr-312	90	21	florida	florida	PROPN
ftr-312	90	22	tax	tax	NOUN
ftr-312	90	23	review	review	NOUN
ftr-312	90	24	[	[	X
ftr-312	90	25	vol	vol	NOUN
ftr-312	90	26	.	.	PUNCT
ftr-312	91	1	14:8	14:8	NUM
ftr-312	91	2	earned	earn	VERB
ftr-312	91	3	by	by	ADP
ftr-312	91	4	us	us	PROPN
ftr-312	91	5	-	-	PUNCT
ftr-312	91	6	parented	parent	VERB
ftr-312	91	7	mncs	mncs	PROPN
ftr-312	91	8	often	often	ADV
ftr-312	91	9	enjoys	enjoy	VERB
ftr-312	91	10	both	both	CCONJ
ftr-312	91	11	a	a	DET
ftr-312	91	12	low	low	ADJ
ftr-312	91	13	foreign	foreign	ADJ
ftr-312	91	14	effective	effective	ADJ
ftr-312	91	15	tax	tax	NOUN
ftr-312	91	16	rate	rate	NOUN
ftr-312	91	17	and	and	CCONJ
ftr-312	91	18	a	a	DET
ftr-312	91	19	low	low	ADJ
ftr-312	91	20	us	us	PROPN
ftr-312	91	21	effective	effective	ADJ
ftr-312	91	22	tax	tax	NOUN
ftr-312	91	23	rate.12	rate.12	NOUN
ftr-312	91	24	for	for	ADP
ftr-312	91	25	example	example	NOUN
ftr-312	91	26	,	,	PUNCT
ftr-312	91	27	it	it	PRON
ftr-312	91	28	is	be	AUX
ftr-312	91	29	estimated	estimate	VERB
ftr-312	91	30	that	that	SCONJ
ftr-312	91	31	the	the	DET
ftr-312	91	32	us	us	PROPN
ftr-312	91	33	income	income	NOUN
ftr-312	91	34	tax	tax	NOUN
ftr-312	91	35	burden	burden	NOUN
ftr-312	91	36	on	on	ADP
ftr-312	91	37	non	non	ADJ
ftr-312	91	38	-	-	ADJ
ftr-312	91	39	us	us	ADJ
ftr-312	91	40	business	business	NOUN
ftr-312	91	41	income	income	NOUN
ftr-312	91	42	earned	earn	VERB
ftr-312	91	43	by	by	ADP
ftr-312	91	44	non	non	ADJ
ftr-312	91	45	-	-	ADJ
ftr-312	91	46	us	us	ADJ
ftr-312	91	47	subsidiaries	subsidiary	NOUN
ftr-312	91	48	in	in	ADP
ftr-312	91	49	mnc	mnc	PROPN
ftr-312	91	50	groups	group	NOUN
ftr-312	91	51	is	be	AUX
ftr-312	91	52	perhaps	perhaps	ADV
ftr-312	91	53	between	between	ADP
ftr-312	91	54	3	3	NUM
ftr-312	91	55	and	and	CCONJ
ftr-312	91	56	6	6	NUM
ftr-312	91	57	percent.13	percent.13	ADP
ftr-312	91	58	us	we	PRON
ftr-312	91	59	-	-	PUNCT
ftr-312	91	60	parented	parent	VERB
ftr-312	91	61	mncs	mncs	PROPN
ftr-312	91	62	may	may	AUX
ftr-312	91	63	also	also	ADV
ftr-312	91	64	may	may	AUX
ftr-312	91	65	seek	seek	VERB
ftr-312	91	66	ways	way	NOUN
ftr-312	91	67	to	to	PART
ftr-312	91	68	allocate	allocate	VERB
ftr-312	91	69	income	income	NOUN
ftr-312	91	70	related	relate	VERB
ftr-312	91	71	to	to	ADP
ftr-312	91	72	us	us	PROPN
ftr-312	91	73	operations	operation	NOUN
ftr-312	91	74	to	to	ADP
ftr-312	91	75	low	low	ADV
ftr-312	91	76	-	-	PUNCT
ftr-312	91	77	taxed	tax	VERB
ftr-312	91	78	non	non	ADJ
ftr-312	91	79	-	-	ADJ
ftr-312	91	80	us	us	ADJ
ftr-312	91	81	affiliates	affiliate	NOUN
ftr-312	91	82	,	,	PUNCT
ftr-312	91	83	and	and	CCONJ
ftr-312	91	84	conversely	conversely	ADV
ftr-312	91	85	to	to	PART
ftr-312	91	86	allocate	allocate	VERB
ftr-312	91	87	deductions	deduction	NOUN
ftr-312	91	88	away	away	ADV
ftr-312	91	89	from	from	ADP
ftr-312	91	90	low	low	ADJ
ftr-312	91	91	-	-	PUNCT
ftr-312	91	92	taxed	tax	VERB
ftr-312	91	93	non	non	ADJ
ftr-312	91	94	-	-	ADJ
ftr-312	91	95	us	us	ADJ
ftr-312	91	96	affiliates	affiliate	NOUN
ftr-312	91	97	and	and	CCONJ
ftr-312	91	98	to	to	ADP
ftr-312	91	99	us	we	PRON
ftr-312	91	100	operations.14	operations.14	NOUN
ftr-312	91	101	the	the	DET
ftr-312	91	102	ability	ability	NOUN
ftr-312	91	103	of	of	ADP
ftr-312	91	104	firms	firm	NOUN
ftr-312	91	105	to	to	PART
ftr-312	91	106	erode	erode	VERB
ftr-312	91	107	the	the	DET
ftr-312	91	108	us	us	PROPN
ftr-312	91	109	tax	tax	NOUN
ftr-312	91	110	base	base	NOUN
ftr-312	91	111	through	through	ADP
ftr-312	91	112	such	such	ADJ
ftr-312	91	113	planning	planning	NOUN
ftr-312	91	114	has	have	AUX
ftr-312	91	115	led	lead	VERB
ftr-312	91	116	some	some	PRON
ftr-312	91	117	to	to	PART
ftr-312	91	118	conclude	conclude	VERB
ftr-312	91	119	that	that	SCONJ
ftr-312	91	120	the	the	DET
ftr-312	91	121	current	current	ADJ
ftr-312	91	122	us	us	PROPN
ftr-312	91	123	system	system	NOUN
ftr-312	91	124	raises	raise	VERB
ftr-312	91	125	less	less	ADJ
ftr-312	91	126	tax	tax	NOUN
ftr-312	91	127	revenue	revenue	NOUN
ftr-312	91	128	than	than	SCONJ
ftr-312	91	129	would	would	AUX
ftr-312	91	130	a	a	DET
ftr-312	91	131	“	"	PUNCT
ftr-312	91	132	territorial	territorial	ADJ
ftr-312	91	133	”	"	PUNCT
ftr-312	91	134	system	system	NOUN
ftr-312	91	135	that	that	PRON
ftr-312	91	136	refrained	refrain	VERB
ftr-312	91	137	from	from	ADP
ftr-312	91	138	taxing	tax	VERB
ftr-312	91	139	non	non	ADJ
ftr-312	91	140	-	-	ADJ
ftr-312	91	141	us	us	ADJ
ftr-312	91	142	value	value	NOUN
ftr-312	91	143	in	in	ADP
ftr-312	91	144	the	the	DET
ftr-312	91	145	eye	eye	NOUN
ftr-312	91	146	of	of	ADP
ftr-312	91	147	the	the	DET
ftr-312	91	148	beholder	beholder	NOUN
ftr-312	91	149	:	:	PUNCT
ftr-312	91	150	the	the	DET
ftr-312	91	151	valuation	valuation	NOUN
ftr-312	91	152	of	of	ADP
ftr-312	91	153	intangibles	intangible	NOUN
ftr-312	91	154	for	for	ADP
ftr-312	91	155	transfer	transfer	NOUN
ftr-312	91	156	pricing	pricing	NOUN
ftr-312	91	157	purposes	purpose	NOUN
ftr-312	91	158	,	,	PUNCT
ftr-312	91	159	28	28	NUM
ftr-312	91	160	va	va	X
ftr-312	91	161	.	.	PUNCT
ftr-312	91	162	tax	tax	PROPN
ftr-312	91	163	rev	rev	PROPN
ftr-312	91	164	.	.	PROPN
ftr-312	91	165	79	79	NUM
ftr-312	91	166	,	,	PUNCT
ftr-312	91	167	85–95	85–95	NUM
ftr-312	91	168	(	(	PUNCT
ftr-312	91	169	2008	2008	NUM
ftr-312	91	170	)	)	PUNCT
ftr-312	91	171	.	.	PUNCT
ftr-312	92	1	12	12	NUM
ftr-312	92	2	.	.	PUNCT
ftr-312	93	1	see	see	VERB
ftr-312	93	2	harry	harry	PROPN
ftr-312	93	3	grubert	grubert	PROPN
ftr-312	93	4	,	,	PUNCT
ftr-312	93	5	foreign	foreign	ADJ
ftr-312	93	6	taxes	taxis	NOUN
ftr-312	93	7	and	and	CCONJ
ftr-312	93	8	the	the	DET
ftr-312	93	9	growing	grow	VERB
ftr-312	93	10	share	share	NOUN
ftr-312	93	11	of	of	ADP
ftr-312	93	12	u.s	u.s	PROPN
ftr-312	93	13	.	.	PROPN
ftr-312	93	14	multinational	multinational	ADJ
ftr-312	93	15	company	company	NOUN
ftr-312	93	16	income	income	NOUN
ftr-312	93	17	abroad	abroad	ADV
ftr-312	93	18	:	:	PUNCT
ftr-312	93	19	profits	profit	NOUN
ftr-312	93	20	,	,	PUNCT
ftr-312	93	21	not	not	PART
ftr-312	93	22	sales	sale	NOUN
ftr-312	93	23	,	,	PUNCT
ftr-312	93	24	are	be	AUX
ftr-312	93	25	being	be	AUX
ftr-312	93	26	globalized	globalize	VERB
ftr-312	93	27	,	,	PUNCT
ftr-312	93	28	65	65	NUM
ftr-312	93	29	nat’l	nat’l	NOUN
ftr-312	93	30	tax	tax	NOUN
ftr-312	93	31	j.	j.	PROPN
ftr-312	93	32	247	247	NUM
ftr-312	93	33	,	,	PUNCT
ftr-312	93	34	281	281	NUM
ftr-312	93	35	(	(	PUNCT
ftr-312	93	36	2012	2012	NUM
ftr-312	93	37	)	)	PUNCT
ftr-312	93	38	(	(	PUNCT
ftr-312	93	39	reporting	report	VERB
ftr-312	93	40	a	a	DET
ftr-312	93	41	decline	decline	NOUN
ftr-312	93	42	in	in	ADP
ftr-312	93	43	the	the	DET
ftr-312	93	44	average	average	ADJ
ftr-312	93	45	effective	effective	ADJ
ftr-312	93	46	foreign	foreign	ADJ
ftr-312	93	47	tax	tax	NOUN
ftr-312	93	48	rate	rate	NOUN
ftr-312	93	49	for	for	ADP
ftr-312	93	50	non	non	ADJ
ftr-312	93	51	-	-	ADJ
ftr-312	93	52	us	us	ADJ
ftr-312	93	53	subsidiaries	subsidiary	NOUN
ftr-312	93	54	of	of	ADP
ftr-312	93	55	us	us	PROPN
ftr-312	93	56	parent	parent	NOUN
ftr-312	93	57	corporations	corporation	NOUN
ftr-312	93	58	from	from	ADP
ftr-312	93	59	about	about	ADV
ftr-312	93	60	21	21	NUM
ftr-312	93	61	percent	percent	NOUN
ftr-312	93	62	in	in	ADP
ftr-312	93	63	1996	1996	NUM
ftr-312	93	64	to	to	ADP
ftr-312	93	65	about	about	ADV
ftr-312	93	66	16	16	NUM
ftr-312	93	67	percent	percent	NOUN
ftr-312	93	68	in	in	ADP
ftr-312	93	69	2004	2004	NUM
ftr-312	93	70	)	)	PUNCT
ftr-312	93	71	.	.	PUNCT
ftr-312	94	1	see	see	VERB
ftr-312	94	2	also	also	ADV
ftr-312	94	3	aba	aba	PROPN
ftr-312	94	4	tax’n	tax’n	NUM
ftr-312	94	5	sec	sec	PROPN
ftr-312	94	6	.	.	PUNCT
ftr-312	94	7	task	task	PROPN
ftr-312	94	8	force	force	NOUN
ftr-312	94	9	,	,	PUNCT
ftr-312	94	10	report	report	NOUN
ftr-312	94	11	of	of	ADP
ftr-312	94	12	the	the	DET
ftr-312	94	13	task	task	NOUN
ftr-312	94	14	force	force	NOUN
ftr-312	94	15	on	on	ADP
ftr-312	94	16	international	international	ADJ
ftr-312	94	17	tax	tax	NOUN
ftr-312	94	18	reform	reform	NOUN
ftr-312	94	19	,	,	PUNCT
ftr-312	94	20	59	59	NUM
ftr-312	94	21	tax	tax	NOUN
ftr-312	94	22	law	law	NOUN
ftr-312	94	23	.	.	PUNCT
ftr-312	95	1	649	649	NUM
ftr-312	95	2	,	,	PUNCT
ftr-312	95	3	655–56	655–56	NUM
ftr-312	95	4	(	(	PUNCT
ftr-312	95	5	2006	2006	NUM
ftr-312	95	6	)	)	PUNCT
ftr-312	95	7	(	(	PUNCT
ftr-312	95	8	“	"	PUNCT
ftr-312	95	9	the	the	DET
ftr-312	95	10	effective	effective	ADJ
ftr-312	95	11	rate	rate	NOUN
ftr-312	95	12	of	of	ADP
ftr-312	95	13	us	we	PRON
ftr-312	95	14	and	and	CCONJ
ftr-312	95	15	foreign	foreign	ADJ
ftr-312	95	16	income	income	NOUN
ftr-312	95	17	taxation	taxation	NOUN
ftr-312	95	18	of	of	ADP
ftr-312	95	19	foreign	foreign	ADJ
ftr-312	95	20	income	income	NOUN
ftr-312	95	21	is	be	AUX
ftr-312	95	22	understood	understand	VERB
ftr-312	95	23	to	to	PART
ftr-312	95	24	be	be	AUX
ftr-312	95	25	materially	materially	ADV
ftr-312	95	26	lower	low	ADJ
ftr-312	95	27	than	than	ADP
ftr-312	95	28	the	the	DET
ftr-312	95	29	effective	effective	ADJ
ftr-312	95	30	rate	rate	NOUN
ftr-312	95	31	on	on	ADP
ftr-312	95	32	domestic	domestic	ADJ
ftr-312	95	33	income	income	NOUN
ftr-312	95	34	.	.	PUNCT
ftr-312	95	35	”	"	PUNCT
ftr-312	95	36	)	)	PUNCT
ftr-312	95	37	.	.	PUNCT
ftr-312	96	1	13	13	NUM
ftr-312	96	2	.	.	X
ftr-312	97	1	see	see	VERB
ftr-312	97	2	melissa	melissa	PROPN
ftr-312	97	3	costa	costa	PROPN
ftr-312	97	4	&	&	CCONJ
ftr-312	97	5	jennifer	jennifer	PROPN
ftr-312	97	6	gravelle	gravelle	PROPN
ftr-312	97	7	,	,	PUNCT
ftr-312	97	8	taxing	tax	VERB
ftr-312	97	9	multinational	multinational	ADJ
ftr-312	97	10	corporations	corporation	NOUN
ftr-312	97	11	:	:	PUNCT
ftr-312	97	12	average	average	ADJ
ftr-312	97	13	tax	tax	NOUN
ftr-312	97	14	rates	rate	NOUN
ftr-312	97	15	,	,	PUNCT
ftr-312	97	16	65	65	NUM
ftr-312	97	17	tax	tax	NOUN
ftr-312	97	18	l.	l.	PROPN
ftr-312	97	19	rev	rev	PROPN
ftr-312	97	20	.	.	PROPN
ftr-312	97	21	391	391	NUM
ftr-312	97	22	,	,	PUNCT
ftr-312	97	23	403–04	403–04	NUM
ftr-312	97	24	(	(	PUNCT
ftr-312	97	25	2012	2012	NUM
ftr-312	97	26	)	)	PUNCT
ftr-312	97	27	(	(	PUNCT
ftr-312	97	28	reporting	report	VERB
ftr-312	97	29	based	base	VERB
ftr-312	97	30	on	on	ADP
ftr-312	97	31	2007	2007	NUM
ftr-312	97	32	treasury	treasury	PROPN
ftr-312	97	33	tax	tax	NOUN
ftr-312	97	34	return	return	NOUN
ftr-312	97	35	data	datum	NOUN
ftr-312	97	36	an	an	DET
ftr-312	97	37	annual	annual	ADJ
ftr-312	97	38	us	us	PROPN
ftr-312	97	39	tax	tax	NOUN
ftr-312	97	40	on	on	ADP
ftr-312	97	41	adjusted	adjust	VERB
ftr-312	97	42	foreign	foreign	ADJ
ftr-312	97	43	-	-	PUNCT
ftr-312	97	44	source	source	NOUN
ftr-312	97	45	book	book	NOUN
ftr-312	97	46	income	income	NOUN
ftr-312	97	47	of	of	ADP
ftr-312	97	48	about	about	ADV
ftr-312	97	49	$	$	SYM
ftr-312	97	50	18	18	NUM
ftr-312	97	51	billion	billion	NUM
ftr-312	97	52	,	,	PUNCT
ftr-312	97	53	representing	represent	VERB
ftr-312	97	54	3.3	3.3	NUM
ftr-312	97	55	percent	percent	NOUN
ftr-312	97	56	of	of	ADP
ftr-312	97	57	such	such	ADJ
ftr-312	97	58	income	income	NOUN
ftr-312	97	59	)	)	PUNCT
ftr-312	97	60	;	;	PUNCT
ftr-312	97	61	see	see	VERB
ftr-312	97	62	also	also	ADV
ftr-312	97	63	harry	harry	PROPN
ftr-312	97	64	grubert	grubert	PROPN
ftr-312	97	65	&	&	CCONJ
ftr-312	97	66	john	john	PROPN
ftr-312	97	67	mutti	mutti	PROPN
ftr-312	97	68	,	,	PUNCT
ftr-312	97	69	taxing	tax	VERB
ftr-312	97	70	international	international	ADJ
ftr-312	97	71	business	business	NOUN
ftr-312	97	72	income	income	NOUN
ftr-312	97	73	:	:	PUNCT
ftr-312	97	74	dividend	dividend	NOUN
ftr-312	97	75	exemption	exemption	NOUN
ftr-312	97	76	versus	versus	ADP
ftr-312	97	77	the	the	DET
ftr-312	97	78	current	current	ADJ
ftr-312	97	79	system	system	NOUN
ftr-312	97	80	31	31	NUM
ftr-312	97	81	-	-	SYM
ftr-312	97	82	32	32	NUM
ftr-312	97	83	(	(	PUNCT
ftr-312	97	84	2001	2001	NUM
ftr-312	97	85	)	)	PUNCT
ftr-312	97	86	(	(	PUNCT
ftr-312	97	87	reporting	report	VERB
ftr-312	97	88	a	a	DET
ftr-312	97	89	3.3	3.3	NUM
ftr-312	97	90	percent	percent	NOUN
ftr-312	97	91	estimate	estimate	NOUN
ftr-312	97	92	for	for	ADP
ftr-312	97	93	the	the	DET
ftr-312	97	94	overall	overall	ADJ
ftr-312	97	95	burden	burden	NOUN
ftr-312	97	96	of	of	ADP
ftr-312	97	97	a	a	DET
ftr-312	97	98	dividend	dividend	NOUN
ftr-312	97	99	repatriation	repatriation	NOUN
ftr-312	97	100	tax	tax	NOUN
ftr-312	97	101	assuming	assume	VERB
ftr-312	97	102	an	an	DET
ftr-312	97	103	excess	excess	ADJ
ftr-312	97	104	limitation	limitation	NOUN
ftr-312	97	105	foreign	foreign	ADJ
ftr-312	97	106	tax	tax	NOUN
ftr-312	97	107	credit	credit	NOUN
ftr-312	97	108	position	position	NOUN
ftr-312	97	109	and	and	CCONJ
ftr-312	97	110	a	a	DET
ftr-312	97	111	non	non	ADJ
ftr-312	97	112	-	-	ADJ
ftr-312	97	113	us	us	ADJ
ftr-312	97	114	effective	effective	ADJ
ftr-312	97	115	tax	tax	NOUN
ftr-312	97	116	rate	rate	NOUN
ftr-312	97	117	below	below	ADP
ftr-312	97	118	10	10	NUM
ftr-312	97	119	percent	percent	NOUN
ftr-312	97	120	)	)	PUNCT
ftr-312	97	121	;	;	PUNCT
ftr-312	98	1	rosanne	rosanne	PROPN
ftr-312	98	2	altshuler	altshuler	PROPN
ftr-312	98	3	&	&	CCONJ
ftr-312	98	4	harry	harry	PROPN
ftr-312	98	5	grubert	grubert	PROPN
ftr-312	98	6	,	,	PUNCT
ftr-312	98	7	where	where	SCONJ
ftr-312	98	8	will	will	AUX
ftr-312	98	9	they	they	PRON
ftr-312	98	10	go	go	VERB
ftr-312	98	11	if	if	SCONJ
ftr-312	98	12	we	we	PRON
ftr-312	98	13	go	go	VERB
ftr-312	98	14	territorial	territorial	ADJ
ftr-312	98	15	?	?	PUNCT
ftr-312	99	1	dividend	dividend	NOUN
ftr-312	99	2	exemption	exemption	NOUN
ftr-312	99	3	and	and	CCONJ
ftr-312	99	4	the	the	DET
ftr-312	99	5	location	location	NOUN
ftr-312	99	6	decisions	decision	NOUN
ftr-312	99	7	of	of	ADP
ftr-312	99	8	u.s	u.s	PROPN
ftr-312	99	9	.	.	PROPN
ftr-312	99	10	multinational	multinational	ADJ
ftr-312	99	11	corporations	corporation	NOUN
ftr-312	99	12	,	,	PUNCT
ftr-312	99	13	54	54	NUM
ftr-312	99	14	nat’l	nat’l	NOUN
ftr-312	99	15	tax	tax	NOUN
ftr-312	99	16	j.	j.	PROPN
ftr-312	99	17	787	787	NUM
ftr-312	99	18	,	,	PUNCT
ftr-312	99	19	797	797	NUM
ftr-312	99	20	(	(	PUNCT
ftr-312	99	21	2001	2001	NUM
ftr-312	99	22	)	)	PUNCT
ftr-312	99	23	(	(	PUNCT
ftr-312	99	24	calculating	calculate	VERB
ftr-312	99	25	a	a	DET
ftr-312	99	26	rate	rate	NOUN
ftr-312	99	27	of	of	ADP
ftr-312	99	28	5.4	5.4	NUM
ftr-312	99	29	percent	percent	NOUN
ftr-312	99	30	based	base	VERB
ftr-312	99	31	on	on	ADP
ftr-312	99	32	certain	certain	ADJ
ftr-312	99	33	assumptions	assumption	NOUN
ftr-312	99	34	including	include	VERB
ftr-312	99	35	a	a	DET
ftr-312	99	36	1.7	1.7	NUM
ftr-312	99	37	percent	percent	NOUN
ftr-312	99	38	“	"	PUNCT
ftr-312	99	39	excess	excess	ADJ
ftr-312	99	40	burden	burden	NOUN
ftr-312	99	41	”	"	PUNCT
ftr-312	99	42	measure	measure	NOUN
ftr-312	99	43	and	and	CCONJ
ftr-312	99	44	the	the	DET
ftr-312	99	45	us	us	PROPN
ftr-312	99	46	taxation	taxation	NOUN
ftr-312	99	47	of	of	ADP
ftr-312	99	48	royalties	royalty	NOUN
ftr-312	99	49	from	from	ADP
ftr-312	99	50	intangible	intangible	ADJ
ftr-312	99	51	assets	asset	NOUN
ftr-312	99	52	)	)	PUNCT
ftr-312	99	53	.	.	PUNCT
ftr-312	100	1	14	14	NUM
ftr-312	100	2	.	.	PUNCT
ftr-312	101	1	see	see	VERB
ftr-312	101	2	,	,	PUNCT
ftr-312	101	3	e.g.	e.g.	ADV
ftr-312	101	4	,	,	PUNCT
ftr-312	101	5	kimberly	kimberly	PROPN
ftr-312	101	6	a.	a.	PROPN
ftr-312	101	7	clausing	clausing	PROPN
ftr-312	101	8	,	,	PUNCT
ftr-312	101	9	multinational	multinational	ADJ
ftr-312	101	10	firm	firm	ADJ
ftr-312	101	11	tax	tax	NOUN
ftr-312	101	12	avoidance	avoidance	NOUN
ftr-312	101	13	and	and	CCONJ
ftr-312	101	14	tax	tax	NOUN
ftr-312	101	15	policy	policy	NOUN
ftr-312	101	16	,	,	PUNCT
ftr-312	101	17	62	62	NUM
ftr-312	101	18	nat’l	nat’l	NOUN
ftr-312	101	19	tax	tax	NOUN
ftr-312	101	20	j.	j.	PROPN
ftr-312	101	21	703	703	PROPN
ftr-312	101	22	,	,	PUNCT
ftr-312	101	23	711	711	NUM
ftr-312	101	24	,	,	PUNCT
ftr-312	101	25	717	717	NUM
ftr-312	101	26	(	(	PUNCT
ftr-312	101	27	2009	2009	NUM
ftr-312	101	28	)	)	PUNCT
ftr-312	101	29	(	(	PUNCT
ftr-312	101	30	estimating	estimate	VERB
ftr-312	101	31	“	"	PUNCT
ftr-312	101	32	financial	financial	ADJ
ftr-312	101	33	”	"	PUNCT
ftr-312	101	34	incomeshifting	incomeshifting	NOUN
ftr-312	101	35	and	and	CCONJ
ftr-312	101	36	“	"	PUNCT
ftr-312	101	37	real	real	ADJ
ftr-312	101	38	”	"	PUNCT
ftr-312	101	39	productive	productive	ADJ
ftr-312	101	40	asset	asset	NOUN
ftr-312	101	41	location	location	NOUN
ftr-312	101	42	-	-	PUNCT
ftr-312	101	43	shifting	shift	VERB
ftr-312	101	44	responses	response	NOUN
ftr-312	101	45	to	to	ADP
ftr-312	101	46	higher	high	ADJ
ftr-312	101	47	us	us	PROPN
ftr-312	101	48	tax	tax	NOUN
ftr-312	101	49	rates	rate	NOUN
ftr-312	101	50	and	and	CCONJ
ftr-312	101	51	concluding	conclude	VERB
ftr-312	101	52	that	that	SCONJ
ftr-312	101	53	the	the	DET
ftr-312	101	54	financial	financial	ADJ
ftr-312	101	55	effects	effect	NOUN
ftr-312	101	56	,	,	PUNCT
ftr-312	101	57	producing	produce	VERB
ftr-312	101	58	lost	lose	VERB
ftr-312	101	59	tax	tax	NOUN
ftr-312	101	60	revenue	revenue	NOUN
ftr-312	101	61	of	of	ADP
ftr-312	101	62	about	about	ADV
ftr-312	101	63	$	$	SYM
ftr-312	101	64	87	87	NUM
ftr-312	101	65	billion	billion	NUM
ftr-312	101	66	in	in	ADP
ftr-312	101	67	2002	2002	NUM
ftr-312	101	68	,	,	PUNCT
ftr-312	101	69	were	be	AUX
ftr-312	101	70	more	more	ADV
ftr-312	101	71	than	than	ADP
ftr-312	101	72	double	double	DET
ftr-312	101	73	the	the	DET
ftr-312	101	74	real	real	ADJ
ftr-312	101	75	effects	effect	NOUN
ftr-312	101	76	)	)	PUNCT
ftr-312	101	77	.	.	PUNCT
ftr-312	102	1	the	the	DET
ftr-312	102	2	oecd	oecd	PROPN
ftr-312	102	3	base	base	NOUN
ftr-312	102	4	erosion	erosion	NOUN
ftr-312	102	5	and	and	CCONJ
ftr-312	102	6	profit	profit	NOUN
ftr-312	102	7	shifting	shifting	NOUN
ftr-312	102	8	,	,	PUNCT
ftr-312	102	9	or	or	CCONJ
ftr-312	102	10	beps	bep	NOUN
ftr-312	102	11	,	,	PUNCT
ftr-312	102	12	project	project	NOUN
ftr-312	102	13	lists	list	NOUN
ftr-312	102	14	as	as	ADP
ftr-312	102	15	one	one	NUM
ftr-312	102	16	of	of	ADP
ftr-312	102	17	its	its	PRON
ftr-312	102	18	headline	headline	NOUN
ftr-312	102	19	goals	goal	NOUN
ftr-312	102	20	“	"	PUNCT
ftr-312	102	21	limit[ing	limit[e	VERB
ftr-312	102	22	]	]	PUNCT
ftr-312	102	23	base	base	NOUN
ftr-312	102	24	erosion	erosion	NOUN
ftr-312	102	25	via	via	ADP
ftr-312	102	26	interest	interest	NOUN
ftr-312	102	27	deductions	deduction	NOUN
ftr-312	102	28	and	and	CCONJ
ftr-312	102	29	other	other	ADJ
ftr-312	102	30	financial	financial	ADJ
ftr-312	102	31	payments	payment	NOUN
ftr-312	102	32	.	.	PUNCT
ftr-312	102	33	”	"	PUNCT
ftr-312	102	34	organisation	organisation	NOUN
ftr-312	102	35	for	for	ADP
ftr-312	102	36	economic	economic	ADJ
ftr-312	102	37	cooperation	cooperation	NOUN
ftr-312	102	38	and	and	CCONJ
ftr-312	102	39	development	development	NOUN
ftr-312	102	40	,	,	PUNCT
ftr-312	102	41	action	action	NOUN
ftr-312	102	42	plan	plan	NOUN
ftr-312	102	43	on	on	ADP
ftr-312	102	44	base	base	NOUN
ftr-312	102	45	erosion	erosion	NOUN
ftr-312	102	46	and	and	CCONJ
ftr-312	102	47	profit	profit	NOUN
ftr-312	102	48	shifting	shift	VERB
ftr-312	102	49	17	17	NUM
ftr-312	102	50	(	(	PUNCT
ftr-312	102	51	2013	2013	NUM
ftr-312	102	52	)	)	PUNCT
ftr-312	102	53	.	.	PUNCT
ftr-312	103	1	2013	2013	NUM
ftr-312	103	2	]	]	PUNCT
ftr-312	103	3	tax	tax	NOUN
ftr-312	103	4	planning	planning	NOUN
ftr-312	103	5	and	and	CCONJ
ftr-312	103	6	initial	initial	ADJ
ftr-312	103	7	incorporation	incorporation	NOUN
ftr-312	103	8	location	location	NOUN
ftr-312	103	9	325	325	NUM
ftr-312	103	10	business	business	NOUN
ftr-312	103	11	income,15	income,15	NOUN
ftr-312	103	12	although	although	SCONJ
ftr-312	103	13	the	the	DET
ftr-312	103	14	revenue	revenue	NOUN
ftr-312	103	15	estimate	estimate	NOUN
ftr-312	103	16	depends	depend	VERB
ftr-312	103	17	on	on	ADP
ftr-312	103	18	the	the	DET
ftr-312	103	19	details	detail	NOUN
ftr-312	103	20	of	of	ADP
ftr-312	103	21	such	such	DET
ftr-312	103	22	a	a	DET
ftr-312	103	23	territorial	territorial	ADJ
ftr-312	103	24	system.16	system.16	NOUN
ftr-312	103	25	once	once	ADV
ftr-312	103	26	a	a	DET
ftr-312	103	27	firm	firm	NOUN
ftr-312	103	28	has	have	AUX
ftr-312	103	29	chosen	choose	VERB
ftr-312	103	30	a	a	DET
ftr-312	103	31	us	us	PROPN
ftr-312	103	32	-	-	PUNCT
ftr-312	103	33	parented	parent	VERB
ftr-312	103	34	structure	structure	NOUN
ftr-312	103	35	,	,	PUNCT
ftr-312	103	36	it	it	PRON
ftr-312	103	37	is	be	AUX
ftr-312	103	38	difficult	difficult	ADJ
ftr-312	103	39	to	to	PART
ftr-312	103	40	change	change	VERB
ftr-312	103	41	to	to	ADP
ftr-312	103	42	a	a	DET
ftr-312	103	43	non	non	ADJ
ftr-312	103	44	-	-	ADJ
ftr-312	103	45	us	us	ADJ
ftr-312	103	46	parented	parent	VERB
ftr-312	103	47	structure	structure	NOUN
ftr-312	103	48	.	.	PUNCT
ftr-312	104	1	applicable	applicable	ADJ
ftr-312	104	2	rules	rule	NOUN
ftr-312	104	3	require	require	VERB
ftr-312	104	4	gain	gain	NOUN
ftr-312	104	5	recognition	recognition	NOUN
ftr-312	104	6	(	(	PUNCT
ftr-312	104	7	but	but	CCONJ
ftr-312	104	8	prevent	prevent	VERB
ftr-312	104	9	loss	loss	NOUN
ftr-312	104	10	recognition	recognition	NOUN
ftr-312	104	11	)	)	PUNCT
ftr-312	104	12	upon	upon	SCONJ
ftr-312	104	13	such	such	DET
ftr-312	104	14	an	an	DET
ftr-312	104	15	inversion.17	inversion.17	NOUN
ftr-312	104	16	moreover	moreover	ADV
ftr-312	104	17	,	,	PUNCT
ftr-312	104	18	under	under	ADP
ftr-312	104	19	an	an	DET
ftr-312	104	20	anti	anti	ADJ
ftr-312	104	21	-	-	ADJ
ftr-312	104	22	inversion	inversion	ADJ
ftr-312	104	23	statute	statute	NOUN
ftr-312	104	24	enacted	enact	VERB
ftr-312	104	25	in	in	ADP
ftr-312	104	26	2004,18	2004,18	NUM
ftr-312	104	27	a	a	DET
ftr-312	104	28	mnc	mnc	PROPN
ftr-312	104	29	is	be	AUX
ftr-312	104	30	still	still	ADV
ftr-312	104	31	treated	treat	VERB
ftr-312	104	32	as	as	ADP
ftr-312	104	33	a	a	DET
ftr-312	104	34	us	us	PROPN
ftr-312	104	35	-	-	PUNCT
ftr-312	104	36	parented	parent	VERB
ftr-312	104	37	firm	firm	NOUN
ftr-312	104	38	even	even	ADV
ftr-312	104	39	after	after	ADP
ftr-312	104	40	acquisition	acquisition	NOUN
ftr-312	104	41	by	by	ADP
ftr-312	104	42	a	a	DET
ftr-312	104	43	foreign	foreign	ADJ
ftr-312	104	44	corporation	corporation	NOUN
ftr-312	104	45	if	if	SCONJ
ftr-312	104	46	(	(	PUNCT
ftr-312	104	47	i	i	NOUN
ftr-312	104	48	)	)	PUNCT
ftr-312	104	49	at	at	ADP
ftr-312	104	50	least	least	ADJ
ftr-312	104	51	80	80	NUM
ftr-312	104	52	percent	percent	NOUN
ftr-312	104	53	of	of	ADP
ftr-312	104	54	the	the	DET
ftr-312	104	55	foreign	foreign	ADJ
ftr-312	104	56	corporation	corporation	NOUN
ftr-312	104	57	’s	’s	PART
ftr-312	104	58	stock	stock	NOUN
ftr-312	104	59	is	be	AUX
ftr-312	104	60	owned	own	VERB
ftr-312	104	61	by	by	ADP
ftr-312	104	62	former	former	ADJ
ftr-312	104	63	owners	owner	NOUN
ftr-312	104	64	of	of	ADP
ftr-312	104	65	the	the	DET
ftr-312	104	66	us	us	PROPN
ftr-312	104	67	parent	parent	NOUN
ftr-312	104	68	(	(	PUNCT
ftr-312	104	69	by	by	ADP
ftr-312	104	70	reason	reason	NOUN
ftr-312	104	71	of	of	ADP
ftr-312	104	72	their	their	PRON
ftr-312	104	73	former	former	ADJ
ftr-312	104	74	ownership	ownership	NOUN
ftr-312	104	75	of	of	ADP
ftr-312	104	76	the	the	DET
ftr-312	104	77	us	us	PROPN
ftr-312	104	78	parent	parent	NOUN
ftr-312	104	79	)	)	PUNCT
ftr-312	104	80	and	and	CCONJ
ftr-312	104	81	(	(	PUNCT
ftr-312	104	82	ii	ii	NOUN
ftr-312	104	83	)	)	PUNCT
ftr-312	104	84	the	the	DET
ftr-312	104	85	firm	firm	NOUN
ftr-312	104	86	lacks	lack	VERB
ftr-312	104	87	substantial	substantial	ADJ
ftr-312	104	88	business	business	NOUN
ftr-312	104	89	activities	activity	NOUN
ftr-312	104	90	in	in	ADP
ftr-312	104	91	the	the	DET
ftr-312	104	92	country	country	NOUN
ftr-312	104	93	in	in	ADP
ftr-312	104	94	which	which	PRON
ftr-312	104	95	the	the	DET
ftr-312	104	96	new	new	ADJ
ftr-312	104	97	foreign	foreign	ADJ
ftr-312	104	98	parent	parent	NOUN
ftr-312	104	99	is	be	AUX
ftr-312	104	100	incorporated.19	incorporated.19	VERB
ftr-312	104	101	the	the	DET
ftr-312	104	102	anti	anti	ADJ
ftr-312	104	103	-	-	ADJ
ftr-312	104	104	inversion	inversion	ADJ
ftr-312	104	105	statute	statute	NOUN
ftr-312	104	106	and	and	CCONJ
ftr-312	104	107	related	related	ADJ
ftr-312	104	108	regulations	regulation	NOUN
ftr-312	104	109	leave	leave	VERB
ftr-312	104	110	room	room	NOUN
ftr-312	104	111	for	for	SCONJ
ftr-312	104	112	us	us	PROPN
ftr-312	104	113	corporations	corporation	NOUN
ftr-312	104	114	to	to	PART
ftr-312	104	115	invert	invert	VERB
ftr-312	104	116	in	in	ADP
ftr-312	104	117	connection	connection	NOUN
ftr-312	104	118	with	with	ADP
ftr-312	104	119	an	an	DET
ftr-312	104	120	acquisition	acquisition	NOUN
ftr-312	104	121	transaction	transaction	NOUN
ftr-312	104	122	,	,	PUNCT
ftr-312	104	123	but	but	CCONJ
ftr-312	104	124	severely	severely	ADV
ftr-312	104	125	limit	limit	VERB
ftr-312	104	126	options	option	NOUN
ftr-312	104	127	for	for	ADP
ftr-312	104	128	stand	stand	VERB
ftr-312	104	129	-	-	PUNCT
ftr-312	104	130	alone	alone	ADV
ftr-312	104	131	inversion	inversion	NOUN
ftr-312	104	132	transactions.20	transactions.20	PROPN
ftr-312	104	133	policymakers	policymaker	NOUN
ftr-312	104	134	may	may	AUX
ftr-312	104	135	take	take	VERB
ftr-312	104	136	an	an	DET
ftr-312	104	137	interest	interest	NOUN
ftr-312	104	138	in	in	ADP
ftr-312	104	139	15	15	NUM
ftr-312	104	140	.	.	PUNCT
ftr-312	105	1	see	see	VERB
ftr-312	105	2	supra	supra	PROPN
ftr-312	105	3	note	note	PROPN
ftr-312	105	4	11	11	NUM
ftr-312	105	5	.	.	PUNCT
ftr-312	106	1	16	16	NUM
ftr-312	106	2	.	.	PUNCT
ftr-312	107	1	see	see	VERB
ftr-312	107	2	,	,	PUNCT
ftr-312	107	3	e.g.	e.g.	ADV
ftr-312	107	4	,	,	PUNCT
ftr-312	107	5	harry	harry	PROPN
ftr-312	107	6	grubert	grubert	PROPN
ftr-312	107	7	,	,	PUNCT
ftr-312	107	8	enacting	enact	VERB
ftr-312	107	9	dividend	dividend	NOUN
ftr-312	107	10	exemption	exemption	NOUN
ftr-312	107	11	and	and	CCONJ
ftr-312	107	12	tax	tax	NOUN
ftr-312	107	13	revenue	revenue	NOUN
ftr-312	107	14	,	,	PUNCT
ftr-312	107	15	54	54	NUM
ftr-312	107	16	nat’l	nat’l	NOUN
ftr-312	107	17	tax	tax	NOUN
ftr-312	107	18	j.	j.	PROPN
ftr-312	107	19	811	811	NUM
ftr-312	107	20	,	,	PUNCT
ftr-312	107	21	814	814	NUM
ftr-312	107	22	(	(	PUNCT
ftr-312	107	23	2001	2001	NUM
ftr-312	107	24	)	)	PUNCT
ftr-312	107	25	(	(	PUNCT
ftr-312	107	26	providing	provide	VERB
ftr-312	107	27	a	a	DET
ftr-312	107	28	static	static	ADJ
ftr-312	107	29	revenue	revenue	NOUN
ftr-312	107	30	gain	gain	NOUN
ftr-312	107	31	estimate	estimate	NOUN
ftr-312	107	32	of	of	ADP
ftr-312	107	33	$	$	SYM
ftr-312	107	34	9	9	NUM
ftr-312	107	35	billion	billion	NUM
ftr-312	107	36	based	base	VERB
ftr-312	107	37	on	on	ADP
ftr-312	107	38	1996	1996	NUM
ftr-312	107	39	treasury	treasury	PROPN
ftr-312	107	40	data	datum	NOUN
ftr-312	107	41	and	and	CCONJ
ftr-312	107	42	evaluating	evaluate	VERB
ftr-312	107	43	possible	possible	ADJ
ftr-312	107	44	behavioral	behavioral	ADJ
ftr-312	107	45	responses	response	NOUN
ftr-312	107	46	to	to	ADP
ftr-312	107	47	territoriality	territoriality	NOUN
ftr-312	107	48	adoption	adoption	NOUN
ftr-312	107	49	including	include	VERB
ftr-312	107	50	“	"	PUNCT
ftr-312	107	51	adjustments	adjustment	NOUN
ftr-312	107	52	to	to	ADP
ftr-312	107	53	overhead	overhead	ADJ
ftr-312	107	54	expenses	expense	NOUN
ftr-312	107	55	and	and	CCONJ
ftr-312	107	56	royalty	royalty	NOUN
ftr-312	107	57	payments	payment	NOUN
ftr-312	107	58	”	"	PUNCT
ftr-312	107	59	)	)	PUNCT
ftr-312	107	60	.	.	PUNCT
ftr-312	108	1	17	17	NUM
ftr-312	108	2	.	.	X
ftr-312	108	3	see	see	VERB
ftr-312	108	4	i.r.c	i.r.c	NOUN
ftr-312	108	5	.	.	PUNCT
ftr-312	109	1	§	§	PROPN
ftr-312	109	2	367	367	NUM
ftr-312	109	3	;	;	PUNCT
ftr-312	109	4	u.s	u.s	PROPN
ftr-312	109	5	.	.	PROPN
ftr-312	109	6	treasury	treasury	PROPN
ftr-312	109	7	office	office	PROPN
ftr-312	109	8	of	of	ADP
ftr-312	109	9	tax	tax	NOUN
ftr-312	109	10	policy	policy	NOUN
ftr-312	109	11	,	,	PUNCT
ftr-312	109	12	corporate	corporate	ADJ
ftr-312	109	13	inversion	inversion	NOUN
ftr-312	109	14	transactions	transaction	NOUN
ftr-312	109	15	:	:	PUNCT
ftr-312	109	16	tax	tax	NOUN
ftr-312	109	17	policy	policy	NOUN
ftr-312	109	18	implications	implication	NOUN
ftr-312	109	19	(	(	PUNCT
ftr-312	109	20	2002	2002	NUM
ftr-312	109	21	)	)	PUNCT
ftr-312	109	22	.	.	PUNCT
ftr-312	110	1	18	18	NUM
ftr-312	110	2	.	.	X
ftr-312	110	3	see	see	VERB
ftr-312	110	4	i.r.c	i.r.c	NOUN
ftr-312	110	5	.	.	PUNCT
ftr-312	111	1	§	§	PROPN
ftr-312	111	2	7874	7874	NUM
ftr-312	111	3	.	.	PUNCT
ftr-312	112	1	19	19	NUM
ftr-312	112	2	.	.	X
ftr-312	112	3	see	see	VERB
ftr-312	112	4	jefferson	jefferson	PROPN
ftr-312	112	5	p.	p.	PROPN
ftr-312	112	6	vanderwolk	vanderwolk	PROPN
ftr-312	112	7	,	,	PUNCT
ftr-312	112	8	inversions	inversion	NOUN
ftr-312	112	9	under	under	ADP
ftr-312	112	10	section	section	NOUN
ftr-312	112	11	7874	7874	NUM
ftr-312	112	12	of	of	ADP
ftr-312	112	13	the	the	DET
ftr-312	112	14	internal	internal	ADJ
ftr-312	112	15	revenue	revenue	NOUN
ftr-312	112	16	code	code	PROPN
ftr-312	112	17	:	:	PUNCT
ftr-312	112	18	flawed	flawed	ADJ
ftr-312	112	19	legislation	legislation	NOUN
ftr-312	112	20	,	,	PUNCT
ftr-312	112	21	flawed	flawed	ADJ
ftr-312	112	22	guidance	guidance	NOUN
ftr-312	112	23	,	,	PUNCT
ftr-312	112	24	30	30	NUM
ftr-312	112	25	nw	nw	PROPN
ftr-312	112	26	.	.	PUNCT
ftr-312	113	1	j.	j.	PROPN
ftr-312	113	2	int’l	int’l	PROPN
ftr-312	113	3	l.	l.	PROPN
ftr-312	113	4	&	&	CCONJ
ftr-312	113	5	bus	bus	PROPN
ftr-312	113	6	.	.	PUNCT
ftr-312	114	1	699	699	NUM
ftr-312	114	2	,	,	PUNCT
ftr-312	114	3	699	699	NUM
ftr-312	114	4	(	(	PUNCT
ftr-312	114	5	2010	2010	NUM
ftr-312	114	6	)	)	PUNCT
ftr-312	114	7	.	.	PUNCT
ftr-312	115	1	section	section	NOUN
ftr-312	115	2	7874	7874	NUM
ftr-312	115	3	also	also	ADV
ftr-312	115	4	imposes	impose	VERB
ftr-312	115	5	other	other	ADJ
ftr-312	115	6	inversion	inversion	NOUN
ftr-312	115	7	restrictions	restriction	NOUN
ftr-312	115	8	,	,	PUNCT
ftr-312	115	9	such	such	ADJ
ftr-312	115	10	as	as	ADP
ftr-312	115	11	a	a	DET
ftr-312	115	12	gain	gain	NOUN
ftr-312	115	13	recognition	recognition	NOUN
ftr-312	115	14	requirement	requirement	NOUN
ftr-312	115	15	triggered	trigger	VERB
ftr-312	115	16	by	by	ADP
ftr-312	115	17	a	a	DET
ftr-312	115	18	lower	low	ADJ
ftr-312	115	19	ownership	ownership	NOUN
ftr-312	115	20	overlap	overlap	NOUN
ftr-312	115	21	threshold	threshold	NOUN
ftr-312	115	22	.	.	PUNCT
ftr-312	116	1	20	20	NUM
ftr-312	116	2	.	.	PUNCT
ftr-312	117	1	after	after	ADP
ftr-312	117	2	the	the	DET
ftr-312	117	3	initial	initial	ADJ
ftr-312	117	4	passage	passage	NOUN
ftr-312	117	5	of	of	ADP
ftr-312	117	6	section	section	NOUN
ftr-312	117	7	7874	7874	NUM
ftr-312	117	8	,	,	PUNCT
ftr-312	117	9	some	some	DET
ftr-312	117	10	firms	firm	NOUN
ftr-312	117	11	took	take	VERB
ftr-312	117	12	advantage	advantage	NOUN
ftr-312	117	13	of	of	ADP
ftr-312	117	14	a	a	DET
ftr-312	117	15	facts	fact	NOUN
ftr-312	117	16	-	-	PUNCT
ftr-312	117	17	and	and	CCONJ
ftr-312	117	18	-	-	PUNCT
ftr-312	117	19	circumstances	circumstance	NOUN
ftr-312	117	20	“	"	PUNCT
ftr-312	117	21	substantial	substantial	ADJ
ftr-312	117	22	business	business	NOUN
ftr-312	117	23	activities	activity	NOUN
ftr-312	117	24	”	"	PUNCT
ftr-312	117	25	test	test	NOUN
ftr-312	117	26	and	and	CCONJ
ftr-312	117	27	expatriated	expatriate	VERB
ftr-312	117	28	to	to	PART
ftr-312	117	29	create	create	VERB
ftr-312	117	30	structures	structure	NOUN
ftr-312	117	31	with	with	ADP
ftr-312	117	32	parents	parent	NOUN
ftr-312	117	33	in	in	ADP
ftr-312	117	34	ireland	ireland	PROPN
ftr-312	117	35	,	,	PUNCT
ftr-312	117	36	switzerland	switzerland	PROPN
ftr-312	117	37	,	,	PUNCT
ftr-312	117	38	and	and	CCONJ
ftr-312	117	39	the	the	DET
ftr-312	117	40	uk	uk	PROPN
ftr-312	117	41	.	.	PROPN
ftr-312	118	1	see	see	VERB
ftr-312	118	2	stuart	stuart	PROPN
ftr-312	118	3	webber	webber	PROPN
ftr-312	118	4	,	,	PUNCT
ftr-312	118	5	inverted	invert	VERB
ftr-312	118	6	u.s	u.s	PROPN
ftr-312	118	7	.	.	PROPN
ftr-312	118	8	firms	firm	NOUN
ftr-312	118	9	relocate	relocate	VERB
ftr-312	118	10	headquarters	headquarter	NOUN
ftr-312	118	11	to	to	ADP
ftr-312	118	12	europe	europe	PROPN
ftr-312	118	13	,	,	PUNCT
ftr-312	118	14	64	64	NUM
ftr-312	118	15	tax	tax	NOUN
ftr-312	118	16	notes	note	NOUN
ftr-312	118	17	int’l	int’l	ADJ
ftr-312	118	18	589	589	NUM
ftr-312	118	19	,	,	PUNCT
ftr-312	118	20	591	591	NUM
ftr-312	118	21	(	(	PUNCT
ftr-312	118	22	nov	nov	PROPN
ftr-312	118	23	.	.	PROPN
ftr-312	118	24	21	21	NUM
ftr-312	118	25	,	,	PUNCT
ftr-312	118	26	2011	2011	NUM
ftr-312	118	27	)	)	PUNCT
ftr-312	119	1	[	[	X
ftr-312	119	2	hereinafter	hereinafter	NOUN
ftr-312	119	3	webber	webber	PROPN
ftr-312	119	4	,	,	PUNCT
ftr-312	119	5	inverted	invert	VERB
ftr-312	119	6	u.s	u.s	PROPN
ftr-312	119	7	.	.	PROPN
ftr-312	119	8	firms	firm	NOUN
ftr-312	119	9	relocate	relocate	VERB
ftr-312	119	10	]	]	PUNCT
ftr-312	119	11	(	(	PUNCT
ftr-312	119	12	providing	provide	VERB
ftr-312	119	13	summary	summary	NOUN
ftr-312	119	14	chart	chart	NOUN
ftr-312	119	15	)	)	PUNCT
ftr-312	119	16	;	;	PUNCT
ftr-312	119	17	bret	bret	PROPN
ftr-312	119	18	wells	wells	PROPN
ftr-312	119	19	,	,	PUNCT
ftr-312	119	20	ca	can	AUX
ftr-312	119	21	nt	not	PART
ftr-312	119	22	and	and	CCONJ
ftr-312	119	23	the	the	DET
ftr-312	119	24	inconvenient	inconvenient	ADJ
ftr-312	119	25	truth	truth	NOUN
ftr-312	119	26	about	about	ADP
ftr-312	119	27	corporate	corporate	ADJ
ftr-312	119	28	inversions	inversion	NOUN
ftr-312	119	29	,	,	PUNCT
ftr-312	119	30	136	136	NUM
ftr-312	119	31	tax	tax	NOUN
ftr-312	119	32	notes	note	NOUN
ftr-312	119	33	429	429	NUM
ftr-312	119	34	,	,	PUNCT
ftr-312	119	35	430–36	430–36	NUM
ftr-312	119	36	(	(	PUNCT
ftr-312	119	37	july	july	PROPN
ftr-312	119	38	23	23	NUM
ftr-312	119	39	,	,	PUNCT
ftr-312	119	40	2012	2012	NUM
ftr-312	119	41	)	)	PUNCT
ftr-312	120	1	[	[	X
ftr-312	120	2	hereinafter	hereinafter	NOUN
ftr-312	120	3	wells	well	NOUN
ftr-312	120	4	,	,	PUNCT
ftr-312	120	5	ca	can	AUX
ftr-312	120	6	nt	not	PART
ftr-312	120	7	and	and	CCONJ
ftr-312	120	8	the	the	DET
ftr-312	120	9	inconvenient	inconvenient	ADJ
ftr-312	120	10	truth	truth	NOUN
ftr-312	120	11	about	about	ADP
ftr-312	120	12	corporate	corporate	ADJ
ftr-312	120	13	inversions	inversion	NOUN
ftr-312	120	14	]	]	PUNCT
ftr-312	120	15	(	(	PUNCT
ftr-312	120	16	describing	describe	VERB
ftr-312	120	17	different	different	ADJ
ftr-312	120	18	forms	form	NOUN
ftr-312	120	19	of	of	ADP
ftr-312	120	20	acquisition	acquisition	NOUN
ftr-312	120	21	and	and	CCONJ
ftr-312	120	22	stand	stand	VERB
ftr-312	120	23	-	-	PUNCT
ftr-312	120	24	alone	alone	ADV
ftr-312	120	25	inversion	inversion	NOUN
ftr-312	120	26	transactions	transaction	NOUN
ftr-312	120	27	)	)	PUNCT
ftr-312	120	28	.	.	PUNCT
ftr-312	121	1	recent	recent	ADJ
ftr-312	121	2	temporary	temporary	ADJ
ftr-312	121	3	and	and	CCONJ
ftr-312	121	4	proposed	propose	VERB
ftr-312	121	5	treasury	treasury	NOUN
ftr-312	121	6	regulations	regulation	NOUN
ftr-312	121	7	substantially	substantially	ADV
ftr-312	121	8	curtail	curtail	VERB
ftr-312	121	9	stand	stand	VERB
ftr-312	121	10	-	-	PUNCT
ftr-312	121	11	alone	alone	ADV
ftr-312	121	12	transactions	transaction	NOUN
ftr-312	121	13	by	by	ADP
ftr-312	121	14	imposing	impose	VERB
ftr-312	121	15	a	a	DET
ftr-312	121	16	25	25	NUM
ftr-312	121	17	percent	percent	NOUN
ftr-312	121	18	threshold	threshold	NOUN
ftr-312	121	19	for	for	ADP
ftr-312	121	20	sales	sale	NOUN
ftr-312	121	21	,	,	PUNCT
ftr-312	121	22	property	property	NOUN
ftr-312	121	23	,	,	PUNCT
ftr-312	121	24	and	and	CCONJ
ftr-312	121	25	employees	employee	NOUN
ftr-312	121	26	with	with	ADP
ftr-312	121	27	respect	respect	NOUN
ftr-312	121	28	to	to	ADP
ftr-312	121	29	the	the	DET
ftr-312	121	30	substantial	substantial	ADJ
ftr-312	121	31	business	business	NOUN
ftr-312	121	32	activities	activity	NOUN
ftr-312	121	33	requirement	requirement	NOUN
ftr-312	121	34	.	.	PUNCT
ftr-312	122	1	see	see	VERB
ftr-312	122	2	temp	temp	NOUN
ftr-312	122	3	.	.	PUNCT
ftr-312	123	1	reg	reg	NOUN
ftr-312	123	2	.	.	PUNCT
ftr-312	124	1	§	§	PROPN
ftr-312	124	2	1.7874	1.7874	NUM
ftr-312	124	3	-	-	SYM
ftr-312	124	4	3	3	NUM
ftr-312	124	5	t	t	NOUN
ftr-312	124	6	;	;	PUNCT
ftr-312	124	7	kevin	kevin	PROPN
ftr-312	124	8	m.	m.	PROPN
ftr-312	124	9	cunningham	cunningham	PROPN
ftr-312	124	10	,	,	PUNCT
ftr-312	124	11	the	the	DET
ftr-312	124	12	new	new	ADJ
ftr-312	124	13	section	section	NOUN
ftr-312	124	14	7874	7874	NUM
ftr-312	124	15	substantial	substantial	ADJ
ftr-312	124	16	business	business	NOUN
ftr-312	124	17	activity	activity	NOUN
ftr-312	124	18	exception	exception	NOUN
ftr-312	124	19	regulations	regulation	NOUN
ftr-312	124	20	:	:	PUNCT
ftr-312	124	21	closing	close	VERB
ftr-312	124	22	the	the	DET
ftr-312	124	23	door	door	NOUN
ftr-312	124	24	,	,	PUNCT
ftr-312	124	25	67	67	NUM
ftr-312	124	26	tax	tax	NOUN
ftr-312	124	27	notes	note	NOUN
ftr-312	124	28	int’l	int’l	PRON
ftr-312	124	29	961	961	NUM
ftr-312	124	30	,	,	PUNCT
ftr-312	124	31	962	962	NUM
ftr-312	124	32	(	(	PUNCT
ftr-312	124	33	sept	sept	PROPN
ftr-312	124	34	.	.	PROPN
ftr-312	124	35	3	3	NUM
ftr-312	124	36	,	,	PUNCT
ftr-312	124	37	2012	2012	NUM
ftr-312	124	38	)	)	PUNCT
ftr-312	124	39	(	(	PUNCT
ftr-312	124	40	explaining	explain	VERB
ftr-312	124	41	the	the	DET
ftr-312	124	42	change	change	NOUN
ftr-312	124	43	from	from	ADP
ftr-312	124	44	a	a	DET
ftr-312	124	45	facts	fact	NOUN
ftr-312	124	46	-	-	PUNCT
ftr-312	124	47	and	and	CCONJ
ftr-312	124	48	-	-	PUNCT
ftr-312	124	49	circumstances	circumstance	NOUN
ftr-312	124	50	rule	rule	NOUN
ftr-312	124	51	)	)	PUNCT
ftr-312	124	52	;	;	PUNCT
ftr-312	124	53	eric	eric	PROPN
ftr-312	124	54	solomon	solomon	PROPN
ftr-312	124	55	,	,	PUNCT
ftr-312	124	56	corporate	corporate	ADJ
ftr-312	124	57	inversions	inversion	NOUN
ftr-312	124	58	:	:	PUNCT
ftr-312	124	59	a	a	DET
ftr-312	124	60	symptom	symptom	NOUN
ftr-312	124	61	of	of	ADP
ftr-312	124	62	larger	large	ADJ
ftr-312	124	63	tax	tax	NOUN
ftr-312	124	64	system	system	NOUN
ftr-312	124	65	problems	problem	NOUN
ftr-312	124	66	,	,	PUNCT
ftr-312	124	67	136	136	NUM
ftr-312	124	68	tax	tax	NOUN
ftr-312	124	69	notes	note	NOUN
ftr-312	124	70	1449	1449	NUM
ftr-312	124	71	,	,	PUNCT
ftr-312	124	72	1454–55	1454–55	NUM
ftr-312	124	73	(	(	PUNCT
ftr-312	124	74	sept	sept	PROPN
ftr-312	124	75	.	.	PROPN
ftr-312	124	76	17	17	NUM
ftr-312	124	77	,	,	PUNCT
ftr-312	124	78	2012	2012	NUM
ftr-312	124	79	)	)	PUNCT
ftr-312	125	1	[	[	X
ftr-312	125	2	hereinafter	hereinafter	NOUN
ftr-312	125	3	solomon	solomon	NOUN
ftr-312	125	4	,	,	PUNCT
ftr-312	125	5	corporate	corporate	ADJ
ftr-312	125	6	inversions	inversion	NOUN
ftr-312	125	7	:	:	PUNCT
ftr-312	125	8	a	a	DET
ftr-312	125	9	symptom	symptom	NOUN
ftr-312	125	10	of	of	ADP
ftr-312	125	11	larger	large	ADJ
ftr-312	125	12	tax	tax	NOUN
ftr-312	125	13	system	system	NOUN
ftr-312	125	14	problems	problem	NOUN
ftr-312	125	15	]	]	PUNCT
ftr-312	125	16	(	(	PUNCT
ftr-312	125	17	stating	state	VERB
ftr-312	125	18	that	that	SCONJ
ftr-312	125	19	inversion	inversion	NOUN
ftr-312	125	20	can	can	AUX
ftr-312	125	21	326	326	NUM
ftr-312	125	22	florida	florida	PROPN
ftr-312	125	23	tax	tax	NOUN
ftr-312	125	24	review	review	NOUN
ftr-312	125	25	[	[	X
ftr-312	125	26	vol	vol	NOUN
ftr-312	125	27	.	.	PUNCT
ftr-312	125	28	14:8	14:8	NUM
ftr-312	125	29	whether	whether	SCONJ
ftr-312	125	30	startups	startup	NOUN
ftr-312	125	31	’	'	PUNCT
ftr-312	125	32	habit	habit	NOUN
ftr-312	125	33	of	of	ADP
ftr-312	125	34	incorporating	incorporate	VERB
ftr-312	125	35	in	in	ADP
ftr-312	125	36	the	the	DET
ftr-312	125	37	united	united	PROPN
ftr-312	125	38	states	states	PROPN
ftr-312	125	39	will	will	AUX
ftr-312	125	40	change	change	VERB
ftr-312	125	41	under	under	ADP
ftr-312	125	42	reform	reform	NOUN
ftr-312	125	43	alternatives	alternative	NOUN
ftr-312	125	44	that	that	PRON
ftr-312	125	45	increase	increase	VERB
ftr-312	125	46	the	the	DET
ftr-312	125	47	tax	tax	NOUN
ftr-312	125	48	burden	burden	NOUN
ftr-312	125	49	placed	place	VERB
ftr-312	125	50	on	on	ADP
ftr-312	125	51	us	us	PROPN
ftr-312	125	52	-	-	PUNCT
ftr-312	125	53	parented	parent	VERB
ftr-312	125	54	multinational	multinational	ADJ
ftr-312	125	55	corporations	corporation	NOUN
ftr-312	125	56	(	(	PUNCT
ftr-312	125	57	mncs	mncs	PROPN
ftr-312	125	58	)	)	PUNCT
ftr-312	125	59	.	.	PUNCT
ftr-312	126	1	in	in	ADP
ftr-312	126	2	particular	particular	ADJ
ftr-312	126	3	,	,	PUNCT
ftr-312	126	4	they	they	PRON
ftr-312	126	5	may	may	AUX
ftr-312	126	6	worry	worry	VERB
ftr-312	126	7	that	that	SCONJ
ftr-312	126	8	such	such	ADJ
ftr-312	126	9	reforms	reform	NOUN
ftr-312	126	10	might	might	AUX
ftr-312	126	11	drive	drive	VERB
ftr-312	126	12	us	we	PRON
ftr-312	126	13	-	-	PUNCT
ftr-312	126	14	based	base	VERB
ftr-312	126	15	startups	startup	NOUN
ftr-312	126	16	to	to	PART
ftr-312	126	17	incorporate	incorporate	VERB
ftr-312	126	18	outside	outside	ADP
ftr-312	126	19	the	the	DET
ftr-312	126	20	united	united	PROPN
ftr-312	126	21	states	states	PROPN
ftr-312	126	22	instead	instead	ADV
ftr-312	126	23	,	,	PUNCT
ftr-312	126	24	taking	take	VERB
ftr-312	126	25	economic	economic	ADJ
ftr-312	126	26	activity	activity	NOUN
ftr-312	126	27	with	with	ADP
ftr-312	126	28	them.21	them.21	PROPN
ftr-312	126	29	b.	b.	PROPN
ftr-312	126	30	being	be	AUX
ftr-312	126	31	a	a	DET
ftr-312	126	32	non	non	ADJ
ftr-312	126	33	-	-	ADJ
ftr-312	126	34	us	we	PRON
ftr-312	126	35	-	-	PUNCT
ftr-312	126	36	parented	parent	VERB
ftr-312	126	37	mnc	mnc	PROPN
ftr-312	126	38	an	an	DET
ftr-312	126	39	alternative	alternative	ADJ
ftr-312	126	40	structure	structure	NOUN
ftr-312	126	41	features	feature	VERB
ftr-312	126	42	an	an	DET
ftr-312	126	43	mnc	mnc	PROPN
ftr-312	126	44	headquartered	headquarter	VERB
ftr-312	126	45	in	in	ADP
ftr-312	126	46	the	the	DET
ftr-312	126	47	united	united	PROPN
ftr-312	126	48	states	states	PROPN
ftr-312	126	49	,	,	PUNCT
ftr-312	126	50	but	but	CCONJ
ftr-312	126	51	whose	whose	DET
ftr-312	126	52	parent	parent	NOUN
ftr-312	126	53	is	be	AUX
ftr-312	126	54	incorporated	incorporate	VERB
ftr-312	126	55	in	in	ADP
ftr-312	126	56	a	a	DET
ftr-312	126	57	non	non	ADJ
ftr-312	126	58	-	-	ADJ
ftr-312	126	59	us	us	ADJ
ftr-312	126	60	country	country	NOUN
ftr-312	126	61	.	.	PUNCT
ftr-312	127	1	the	the	DET
ftr-312	127	2	non	non	ADJ
ftr-312	127	3	-	-	ADJ
ftr-312	127	4	us	us	ADJ
ftr-312	127	5	parent	parent	NOUN
ftr-312	127	6	might	might	AUX
ftr-312	127	7	be	be	AUX
ftr-312	127	8	incorporated	incorporate	VERB
ftr-312	127	9	in	in	ADP
ftr-312	127	10	a	a	DET
ftr-312	127	11	tax	tax	NOUN
ftr-312	127	12	haven	haven	NOUN
ftr-312	127	13	that	that	PRON
ftr-312	127	14	imposes	impose	VERB
ftr-312	127	15	a	a	DET
ftr-312	127	16	very	very	ADV
ftr-312	127	17	low	low	ADJ
ftr-312	127	18	,	,	PUNCT
ftr-312	127	19	often	often	ADV
ftr-312	127	20	zero	zero	NUM
ftr-312	127	21	,	,	PUNCT
ftr-312	127	22	rate	rate	NOUN
ftr-312	127	23	of	of	ADP
ftr-312	127	24	corporate	corporate	ADJ
ftr-312	127	25	income	income	NOUN
ftr-312	127	26	tax,22	tax,22	NOUN
ftr-312	127	27	and	and	CCONJ
ftr-312	127	28	treats	treat	VERB
ftr-312	127	29	foreign	foreign	ADJ
ftr-312	127	30	subsidiaries	subsidiary	NOUN
ftr-312	127	31	and	and	CCONJ
ftr-312	127	32	income	income	NOUN
ftr-312	127	33	favorably	favorably	ADV
ftr-312	127	34	,	,	PUNCT
ftr-312	127	35	for	for	ADP
ftr-312	127	36	example	example	NOUN
ftr-312	127	37	through	through	ADP
ftr-312	127	38	a	a	DET
ftr-312	127	39	territorial	territorial	ADJ
ftr-312	127	40	system	system	NOUN
ftr-312	127	41	that	that	PRON
ftr-312	127	42	only	only	ADV
ftr-312	127	43	taxes	tax	VERB
ftr-312	127	44	domestic	domestic	ADJ
ftr-312	127	45	income	income	NOUN
ftr-312	127	46	exempts	exempt	VERB
ftr-312	127	47	dividends	dividend	NOUN
ftr-312	127	48	distributed	distribute	VERB
ftr-312	127	49	from	from	ADP
ftr-312	127	50	foreign	foreign	ADJ
ftr-312	127	51	subsidiaries	subsidiary	NOUN
ftr-312	127	52	to	to	ADP
ftr-312	127	53	domestic	domestic	ADJ
ftr-312	127	54	parents.23	parents.23	NOUN
ftr-312	127	55	the	the	DET
ftr-312	127	56	non	non	ADJ
ftr-312	127	57	-	-	ADJ
ftr-312	127	58	us	us	ADJ
ftr-312	127	59	parent	parent	NOUN
ftr-312	127	60	would	would	AUX
ftr-312	127	61	typically	typically	ADV
ftr-312	127	62	own	own	VERB
ftr-312	127	63	a	a	DET
ftr-312	127	64	us	us	PROPN
ftr-312	127	65	subsidiary	subsidiary	NOUN
ftr-312	127	66	that	that	PRON
ftr-312	127	67	houses	house	VERB
ftr-312	127	68	the	the	DET
ftr-312	127	69	us	us	PROPN
ftr-312	127	70	management	management	NOUN
ftr-312	127	71	and	and	CCONJ
ftr-312	127	72	us	us	PROPN
ftr-312	127	73	business	business	NOUN
ftr-312	127	74	operations	operation	NOUN
ftr-312	127	75	,	,	PUNCT
ftr-312	127	76	as	as	ADV
ftr-312	127	77	well	well	ADV
ftr-312	127	78	as	as	ADP
ftr-312	127	79	other	other	ADJ
ftr-312	127	80	subsidiaries	subsidiary	NOUN
ftr-312	127	81	incorporated	incorporate	VERB
ftr-312	127	82	in	in	ADP
ftr-312	127	83	non	non	ADJ
ftr-312	127	84	-	-	ADJ
ftr-312	127	85	us	we	PRON
ftr-312	127	86	jurisdictions.24	jurisdictions.24	PROPN
ftr-312	127	87	tax	tax	NOUN
ftr-312	127	88	treaty	treaty	NOUN
ftr-312	127	89	planning	planning	NOUN
ftr-312	127	90	constitutes	constitute	VERB
ftr-312	127	91	an	an	DET
ftr-312	127	92	important	important	ADJ
ftr-312	127	93	element	element	NOUN
ftr-312	127	94	of	of	ADP
ftr-312	127	95	a	a	DET
ftr-312	127	96	non	non	ADJ
ftr-312	127	97	-	-	ADJ
ftr-312	127	98	usparented	usparented	ADJ
ftr-312	127	99	,	,	PUNCT
ftr-312	127	100	us	we	PRON
ftr-312	127	101	-	-	PUNCT
ftr-312	127	102	headquartered	headquarter	VERB
ftr-312	127	103	mnc	mnc	PROPN
ftr-312	127	104	structure	structure	NOUN
ftr-312	127	105	.	.	PUNCT
ftr-312	128	1	a	a	DET
ftr-312	128	2	treaty	treaty	NOUN
ftr-312	128	3	relationship	relationship	NOUN
ftr-312	128	4	between	between	ADP
ftr-312	128	5	the	the	DET
ftr-312	128	6	non	non	ADJ
ftr-312	128	7	-	-	ADJ
ftr-312	128	8	us	us	ADJ
ftr-312	128	9	parent	parent	NOUN
ftr-312	128	10	and	and	CCONJ
ftr-312	128	11	the	the	DET
ftr-312	128	12	us	us	PROPN
ftr-312	128	13	subsidiary	subsidiary	NOUN
ftr-312	128	14	would	would	AUX
ftr-312	128	15	substantially	substantially	ADV
ftr-312	128	16	reduce	reduce	VERB
ftr-312	128	17	the	the	DET
ftr-312	128	18	continue	continue	NOUN
ftr-312	128	19	via	via	ADP
ftr-312	128	20	merger	merger	NOUN
ftr-312	128	21	and	and	CCONJ
ftr-312	128	22	acquisition	acquisition	NOUN
ftr-312	128	23	transactions	transaction	NOUN
ftr-312	128	24	after	after	ADP
ftr-312	128	25	the	the	DET
ftr-312	128	26	revised	revised	ADJ
ftr-312	128	27	§	§	PROPN
ftr-312	128	28	7874	7874	NUM
ftr-312	128	29	regulations	regulation	NOUN
ftr-312	128	30	)	)	PUNCT
ftr-312	128	31	.	.	PUNCT
ftr-312	129	1	21	21	NUM
ftr-312	129	2	.	.	X
ftr-312	130	1	see	see	VERB
ftr-312	130	2	,	,	PUNCT
ftr-312	130	3	e.g.	e.g.	ADV
ftr-312	130	4	senate	senate	PROPN
ftr-312	130	5	finance	finance	PROPN
ftr-312	130	6	committee	committee	PROPN
ftr-312	130	7	staff	staff	NOUN
ftr-312	130	8	,	,	PUNCT
ftr-312	130	9	tax	tax	NOUN
ftr-312	130	10	reform	reform	NOUN
ftr-312	130	11	options	option	NOUN
ftr-312	130	12	for	for	ADP
ftr-312	130	13	discussion	discussion	NOUN
ftr-312	130	14	:	:	PUNCT
ftr-312	130	15	international	international	ADJ
ftr-312	130	16	competitiveness	competitiveness	NOUN
ftr-312	130	17	4	4	NUM
ftr-312	130	18	(	(	PUNCT
ftr-312	130	19	may	may	PROPN
ftr-312	130	20	9	9	NUM
ftr-312	130	21	,	,	PUNCT
ftr-312	130	22	2013	2013	NUM
ftr-312	130	23	)	)	PUNCT
ftr-312	130	24	(	(	PUNCT
ftr-312	130	25	expressing	express	VERB
ftr-312	130	26	concern	concern	NOUN
ftr-312	130	27	about	about	ADP
ftr-312	130	28	us	us	PROPN
ftr-312	130	29	tax	tax	NOUN
ftr-312	130	30	incentives	incentive	NOUN
ftr-312	130	31	for	for	SCONJ
ftr-312	130	32	multinationals	multinational	NOUN
ftr-312	130	33	“	"	PUNCT
ftr-312	130	34	to	to	PART
ftr-312	130	35	be	be	AUX
ftr-312	130	36	foreign	foreign	ADJ
ftr-312	130	37	-	-	PUNCT
ftr-312	130	38	based	base	VERB
ftr-312	130	39	”	"	PUNCT
ftr-312	130	40	)	)	PUNCT
ftr-312	130	41	;	;	PUNCT
ftr-312	130	42	see	see	VERB
ftr-312	130	43	also	also	ADV
ftr-312	130	44	desai	desai	PROPN
ftr-312	130	45	&	&	CCONJ
ftr-312	130	46	dharmapala	dharmapala	PROPN
ftr-312	130	47	,	,	PUNCT
ftr-312	130	48	strong	strong	ADJ
ftr-312	130	49	fences	fence	NOUN
ftr-312	130	50	,	,	PUNCT
ftr-312	130	51	supra	supra	PROPN
ftr-312	130	52	note	note	PROPN
ftr-312	130	53	1	1	NUM
ftr-312	130	54	,	,	PUNCT
ftr-312	130	55	at	at	ADP
ftr-312	130	56	724	724	NUM
ftr-312	130	57	(	(	PUNCT
ftr-312	130	58	“	"	PUNCT
ftr-312	130	59	in	in	ADP
ftr-312	130	60	a	a	DET
ftr-312	130	61	global	global	ADJ
ftr-312	130	62	setting	setting	NOUN
ftr-312	130	63	in	in	ADP
ftr-312	130	64	which	which	PRON
ftr-312	130	65	formal	formal	ADJ
ftr-312	130	66	corporate	corporate	ADJ
ftr-312	130	67	residence	residence	NOUN
ftr-312	130	68	is	be	AUX
ftr-312	130	69	increasingly	increasingly	ADV
ftr-312	130	70	elective	elective	ADJ
ftr-312	130	71	,	,	PUNCT
ftr-312	130	72	new	new	ADJ
ftr-312	130	73	firms	firm	NOUN
ftr-312	130	74	that	that	PRON
ftr-312	130	75	anticipate	anticipate	VERB
ftr-312	130	76	generating	generate	VERB
ftr-312	130	77	significant	significant	ADJ
ftr-312	130	78	amounts	amount	NOUN
ftr-312	130	79	of	of	ADP
ftr-312	130	80	non	non	ADJ
ftr-312	130	81	-	-	ADJ
ftr-312	130	82	us	us	ADJ
ftr-312	130	83	income	income	NOUN
ftr-312	130	84	will	will	AUX
ftr-312	130	85	have	have	VERB
ftr-312	130	86	an	an	DET
ftr-312	130	87	incentive	incentive	NOUN
ftr-312	130	88	to	to	PART
ftr-312	130	89	incorporate	incorporate	VERB
ftr-312	130	90	their	their	PRON
ftr-312	130	91	parent	parent	NOUN
ftr-312	130	92	firm	firm	NOUN
ftr-312	130	93	outside	outside	ADP
ftr-312	130	94	the	the	DET
ftr-312	130	95	united	united	PROPN
ftr-312	130	96	states	states	PROPN
ftr-312	130	97	.	.	PUNCT
ftr-312	130	98	”	"	PUNCT
ftr-312	130	99	)	)	PUNCT
ftr-312	130	100	;	;	PUNCT
ftr-312	131	1	roger	roger	PROPN
ftr-312	131	2	h.	h.	PROPN
ftr-312	131	3	gordon	gordon	PROPN
ftr-312	131	4	,	,	PUNCT
ftr-312	131	5	discussion	discussion	NOUN
ftr-312	131	6	,	,	PUNCT
ftr-312	131	7	in	in	ADP
ftr-312	131	8	fundamental	fundamental	ADJ
ftr-312	131	9	tax	tax	NOUN
ftr-312	131	10	reform	reform	NOUN
ftr-312	131	11	:	:	PUNCT
ftr-312	131	12	issues	issue	NOUN
ftr-312	131	13	,	,	PUNCT
ftr-312	131	14	choices	choice	NOUN
ftr-312	131	15	,	,	PUNCT
ftr-312	131	16	and	and	CCONJ
ftr-312	131	17	implications	implication	NOUN
ftr-312	131	18	365	365	NUM
ftr-312	131	19	-	-	SYM
ftr-312	131	20	67	67	NUM
ftr-312	131	21	(	(	PUNCT
ftr-312	131	22	john	john	PROPN
ftr-312	131	23	w.	w.	PROPN
ftr-312	131	24	diamond	diamond	PROPN
ftr-312	131	25	&	&	CCONJ
ftr-312	131	26	george	george	PROPN
ftr-312	131	27	r.	r.	PROPN
ftr-312	131	28	zodrow	zodrow	PROPN
ftr-312	131	29	eds	eds	PROPN
ftr-312	131	30	.	.	PROPN
ftr-312	131	31	,	,	PUNCT
ftr-312	131	32	2008	2008	NUM
ftr-312	131	33	)	)	PUNCT
ftr-312	131	34	(	(	PUNCT
ftr-312	131	35	expressing	express	VERB
ftr-312	131	36	the	the	DET
ftr-312	131	37	concern	concern	NOUN
ftr-312	131	38	that	that	SCONJ
ftr-312	131	39	worldwide	worldwide	ADJ
ftr-312	131	40	consolidation	consolidation	NOUN
ftr-312	131	41	would	would	AUX
ftr-312	131	42	encourage	encourage	VERB
ftr-312	131	43	mncs	mncs	PROPN
ftr-312	131	44	owned	own	VERB
ftr-312	131	45	by	by	ADP
ftr-312	131	46	us	us	PROPN
ftr-312	131	47	investors	investor	NOUN
ftr-312	131	48	to	to	PART
ftr-312	131	49	incorporate	incorporate	VERB
ftr-312	131	50	outside	outside	ADP
ftr-312	131	51	the	the	DET
ftr-312	131	52	united	united	PROPN
ftr-312	131	53	states	states	PROPN
ftr-312	131	54	and	and	CCONJ
ftr-312	131	55	would	would	AUX
ftr-312	131	56	encourage	encourage	VERB
ftr-312	131	57	us	we	PRON
ftr-312	131	58	investors	investor	NOUN
ftr-312	131	59	to	to	PART
ftr-312	131	60	invest	invest	VERB
ftr-312	131	61	in	in	ADP
ftr-312	131	62	non	non	ADJ
ftr-312	131	63	-	-	ADJ
ftr-312	131	64	us	us	ADJ
ftr-312	131	65	corporations	corporation	NOUN
ftr-312	131	66	instead	instead	ADV
ftr-312	131	67	of	of	ADP
ftr-312	131	68	us	us	PROPN
ftr-312	131	69	corporations	corporation	NOUN
ftr-312	131	70	)	)	PUNCT
ftr-312	131	71	.	.	PUNCT
ftr-312	132	1	22	22	NUM
ftr-312	132	2	.	.	PUNCT
ftr-312	133	1	see	see	VERB
ftr-312	133	2	,	,	PUNCT
ftr-312	133	3	e.g.	e.g.	ADV
ftr-312	133	4	,	,	PUNCT
ftr-312	133	5	mihir	mihir	PROPN
ftr-312	133	6	a.	a.	PROPN
ftr-312	133	7	desai	desai	PROPN
ftr-312	133	8	,	,	PUNCT
ftr-312	133	9	the	the	DET
ftr-312	133	10	decentering	decentering	NOUN
ftr-312	133	11	of	of	ADP
ftr-312	133	12	the	the	DET
ftr-312	133	13	global	global	ADJ
ftr-312	133	14	firm	firm	NOUN
ftr-312	133	15	,	,	PUNCT
ftr-312	133	16	32	32	NUM
ftr-312	133	17	world	world	PROPN
ftr-312	133	18	econ	econ	NOUN
ftr-312	133	19	.	.	PUNCT
ftr-312	134	1	1271	1271	NUM
ftr-312	134	2	,	,	PUNCT
ftr-312	134	3	1276–77	1276–77	NUM
ftr-312	134	4	(	(	PUNCT
ftr-312	134	5	2009	2009	NUM
ftr-312	134	6	)	)	PUNCT
ftr-312	134	7	(	(	PUNCT
ftr-312	134	8	giving	give	VERB
ftr-312	134	9	example	example	NOUN
ftr-312	134	10	of	of	ADP
ftr-312	134	11	an	an	DET
ftr-312	134	12	mnc	mnc	PROPN
ftr-312	134	13	parented	parent	VERB
ftr-312	134	14	by	by	ADP
ftr-312	134	15	a	a	DET
ftr-312	134	16	tax	tax	NOUN
ftr-312	134	17	haven	haven	NOUN
ftr-312	134	18	-	-	PUNCT
ftr-312	134	19	incorporated	incorporate	VERB
ftr-312	134	20	firm	firm	NOUN
ftr-312	134	21	and	and	CCONJ
ftr-312	134	22	with	with	ADP
ftr-312	134	23	“	"	PUNCT
ftr-312	134	24	decentered	decentered	ADJ
ftr-312	134	25	”	"	PUNCT
ftr-312	134	26	financial	financial	ADJ
ftr-312	134	27	,	,	PUNCT
ftr-312	134	28	legal	legal	ADJ
ftr-312	134	29	and	and	CCONJ
ftr-312	134	30	managerial	managerial	ADJ
ftr-312	134	31	homes	home	NOUN
ftr-312	134	32	)	)	PUNCT
ftr-312	134	33	.	.	PUNCT
ftr-312	135	1	23	23	NUM
ftr-312	135	2	.	.	X
ftr-312	136	1	see	see	VERB
ftr-312	136	2	,	,	PUNCT
ftr-312	136	3	e.g.	e.g.	ADV
ftr-312	136	4	,	,	PUNCT
ftr-312	136	5	webber	webber	PROPN
ftr-312	136	6	,	,	PUNCT
ftr-312	136	7	inverted	invert	VERB
ftr-312	136	8	u.s	u.s	PROPN
ftr-312	136	9	.	.	PROPN
ftr-312	136	10	firms	firm	NOUN
ftr-312	136	11	relocate	relocate	VERB
ftr-312	136	12	,	,	PUNCT
ftr-312	136	13	supra	supra	PROPN
ftr-312	136	14	note	note	NOUN
ftr-312	136	15	20	20	NUM
ftr-312	136	16	,	,	PUNCT
ftr-312	136	17	at	at	ADP
ftr-312	136	18	591	591	NUM
ftr-312	136	19	(	(	PUNCT
ftr-312	136	20	providing	provide	VERB
ftr-312	136	21	recent	recent	ADJ
ftr-312	136	22	examples	example	NOUN
ftr-312	136	23	of	of	ADP
ftr-312	136	24	expatriation	expatriation	NOUN
ftr-312	136	25	to	to	ADP
ftr-312	136	26	european	european	ADJ
ftr-312	136	27	parent	parent	NOUN
ftr-312	136	28	structures	structure	NOUN
ftr-312	136	29	)	)	PUNCT
ftr-312	136	30	;	;	PUNCT
ftr-312	136	31	bret	bret	PROPN
ftr-312	136	32	wells	wells	PROPN
ftr-312	136	33	,	,	PUNCT
ftr-312	136	34	ca	can	AUX
ftr-312	136	35	nt	not	PART
ftr-312	136	36	and	and	CCONJ
ftr-312	136	37	the	the	DET
ftr-312	136	38	inconvenient	inconvenient	ADJ
ftr-312	136	39	truth	truth	NOUN
ftr-312	136	40	about	about	ADP
ftr-312	136	41	corporate	corporate	ADJ
ftr-312	136	42	inversions	inversion	NOUN
ftr-312	136	43	,	,	PUNCT
ftr-312	136	44	supra	supra	PROPN
ftr-312	136	45	note	note	NOUN
ftr-312	136	46	20	20	NUM
ftr-312	136	47	,	,	PUNCT
ftr-312	136	48	at	at	ADP
ftr-312	136	49	430–36	430–36	PROPN
ftr-312	136	50	(	(	PUNCT
ftr-312	136	51	same	same	ADJ
ftr-312	136	52	)	)	PUNCT
ftr-312	136	53	.	.	PUNCT
ftr-312	137	1	24	24	NUM
ftr-312	137	2	.	.	X
ftr-312	137	3	office	office	NOUN
ftr-312	137	4	of	of	ADP
ftr-312	137	5	tax	tax	NOUN
ftr-312	137	6	policy	policy	NOUN
ftr-312	137	7	,	,	PUNCT
ftr-312	137	8	department	department	NOUN
ftr-312	137	9	of	of	ADP
ftr-312	137	10	the	the	DET
ftr-312	137	11	treasury	treasury	NOUN
ftr-312	137	12	,	,	PUNCT
ftr-312	137	13	corporate	corporate	ADJ
ftr-312	137	14	inversion	inversion	NOUN
ftr-312	137	15	transactions	transaction	NOUN
ftr-312	137	16	:	:	PUNCT
ftr-312	137	17	tax	tax	NOUN
ftr-312	137	18	policy	policy	NOUN
ftr-312	137	19	implications	implication	NOUN
ftr-312	137	20	12	12	NUM
ftr-312	137	21	-	-	SYM
ftr-312	137	22	13	13	NUM
ftr-312	137	23	(	(	PUNCT
ftr-312	137	24	2002	2002	NUM
ftr-312	137	25	)	)	PUNCT
ftr-312	137	26	(	(	PUNCT
ftr-312	137	27	explaining	explain	VERB
ftr-312	137	28	post	post	ADJ
ftr-312	137	29	-	-	ADJ
ftr-312	137	30	inversion	inversion	ADJ
ftr-312	137	31	tax	tax	NOUN
ftr-312	137	32	treatment	treatment	NOUN
ftr-312	137	33	)	)	PUNCT
ftr-312	137	34	.	.	PUNCT
ftr-312	138	1	2013	2013	NUM
ftr-312	138	2	]	]	PUNCT
ftr-312	138	3	tax	tax	NOUN
ftr-312	138	4	planning	planning	NOUN
ftr-312	138	5	and	and	CCONJ
ftr-312	138	6	initial	initial	ADJ
ftr-312	138	7	incorporation	incorporation	NOUN
ftr-312	138	8	location	location	NOUN
ftr-312	138	9	327	327	NUM
ftr-312	138	10	parent	parent	NOUN
ftr-312	138	11	’s	’s	PART
ftr-312	138	12	chance	chance	NOUN
ftr-312	138	13	of	of	ADP
ftr-312	138	14	exposure	exposure	NOUN
ftr-312	138	15	to	to	ADP
ftr-312	138	16	us	we	PRON
ftr-312	138	17	tax	tax	NOUN
ftr-312	138	18	because	because	SCONJ
ftr-312	138	19	a	a	DET
ftr-312	138	20	treaty	treaty	NOUN
ftr-312	138	21	relationship	relationship	NOUN
ftr-312	138	22	increases	increase	VERB
ftr-312	138	23	the	the	DET
ftr-312	138	24	threshold	threshold	NOUN
ftr-312	138	25	for	for	ADP
ftr-312	138	26	business	business	NOUN
ftr-312	138	27	taxation	taxation	NOUN
ftr-312	138	28	from	from	ADP
ftr-312	138	29	the	the	DET
ftr-312	138	30	us	us	PROPN
ftr-312	138	31	statutory	statutory	ADJ
ftr-312	138	32	“	"	PUNCT
ftr-312	138	33	effectively	effectively	ADV
ftr-312	138	34	connected	connected	ADJ
ftr-312	138	35	income	income	NOUN
ftr-312	138	36	”	"	PUNCT
ftr-312	138	37	standard	standard	NOUN
ftr-312	138	38	to	to	ADP
ftr-312	138	39	the	the	DET
ftr-312	138	40	treaty	treaty	NOUN
ftr-312	138	41	-	-	PUNCT
ftr-312	138	42	based	base	VERB
ftr-312	138	43	“	"	PUNCT
ftr-312	138	44	permanent	permanent	ADJ
ftr-312	138	45	establishment	establishment	NOUN
ftr-312	138	46	”	"	PUNCT
ftr-312	138	47	standard.25	standard.25	NOUN
ftr-312	138	48	a	a	DET
ftr-312	138	49	treaty	treaty	NOUN
ftr-312	138	50	relationship	relationship	NOUN
ftr-312	138	51	also	also	ADV
ftr-312	138	52	reduces	reduce	VERB
ftr-312	138	53	withholding	withholding	NOUN
ftr-312	138	54	taxes	taxis	NOUN
ftr-312	138	55	that	that	PRON
ftr-312	138	56	would	would	AUX
ftr-312	138	57	apply	apply	VERB
ftr-312	138	58	,	,	PUNCT
ftr-312	138	59	for	for	ADP
ftr-312	138	60	example	example	NOUN
ftr-312	138	61	with	with	ADP
ftr-312	138	62	respect	respect	NOUN
ftr-312	138	63	to	to	ADP
ftr-312	138	64	interest	interest	NOUN
ftr-312	138	65	,	,	PUNCT
ftr-312	138	66	dividend	dividend	NOUN
ftr-312	138	67	,	,	PUNCT
ftr-312	138	68	and	and	CCONJ
ftr-312	138	69	royalty	royalty	NOUN
ftr-312	138	70	payments	payment	NOUN
ftr-312	138	71	from	from	ADP
ftr-312	138	72	the	the	DET
ftr-312	138	73	us	us	PROPN
ftr-312	138	74	subsidiary	subsidiary	NOUN
ftr-312	138	75	to	to	ADP
ftr-312	138	76	the	the	DET
ftr-312	138	77	parent.26	parent.26	NOUN
ftr-312	138	78	because	because	SCONJ
ftr-312	138	79	direct	direct	ADJ
ftr-312	138	80	tax	tax	NOUN
ftr-312	138	81	treaties	treaty	NOUN
ftr-312	138	82	between	between	ADP
ftr-312	138	83	tax	tax	NOUN
ftr-312	138	84	havens	haven	NOUN
ftr-312	138	85	and	and	CCONJ
ftr-312	138	86	the	the	DET
ftr-312	138	87	united	united	PROPN
ftr-312	138	88	states	states	PROPN
ftr-312	138	89	generally	generally	ADV
ftr-312	138	90	do	do	AUX
ftr-312	138	91	not	not	PART
ftr-312	138	92	exist	exist	VERB
ftr-312	138	93	,	,	PUNCT
ftr-312	138	94	any	any	DET
ftr-312	138	95	treaty	treaty	NOUN
ftr-312	138	96	planning	planning	NOUN
ftr-312	138	97	for	for	ADP
ftr-312	138	98	a	a	DET
ftr-312	138	99	us	us	ADV
ftr-312	138	100	-	-	PUNCT
ftr-312	138	101	parented	parent	VERB
ftr-312	138	102	structure	structure	NOUN
ftr-312	138	103	with	with	ADP
ftr-312	138	104	a	a	DET
ftr-312	138	105	tax	tax	NOUN
ftr-312	138	106	-	-	PUNCT
ftr-312	138	107	haven	haven	NOUN
ftr-312	138	108	-	-	PUNCT
ftr-312	138	109	incorporated	incorporate	VERB
ftr-312	138	110	parent	parent	NOUN
ftr-312	138	111	would	would	AUX
ftr-312	138	112	typically	typically	ADV
ftr-312	138	113	rely	rely	VERB
ftr-312	138	114	upon	upon	SCONJ
ftr-312	138	115	intermediate	intermediate	ADJ
ftr-312	138	116	affiliates	affiliate	NOUN
ftr-312	138	117	with	with	ADP
ftr-312	138	118	excellent	excellent	ADJ
ftr-312	138	119	treaty	treaty	NOUN
ftr-312	138	120	networks.27	networks.27	PROPN
ftr-312	138	121	25	25	NUM
ftr-312	138	122	.	.	PUNCT
ftr-312	139	1	see	see	VERB
ftr-312	139	2	,	,	PUNCT
ftr-312	139	3	e.g.	e.g.	ADV
ftr-312	139	4	,	,	PUNCT
ftr-312	139	5	new	new	PROPN
ftr-312	139	6	york	york	PROPN
ftr-312	139	7	state	state	PROPN
ftr-312	139	8	bar	bar	PROPN
ftr-312	139	9	association	association	NOUN
ftr-312	139	10	tax	tax	NOUN
ftr-312	139	11	section	section	NOUN
ftr-312	139	12	,	,	PUNCT
ftr-312	139	13	report	report	NOUN
ftr-312	139	14	on	on	ADP
ftr-312	139	15	outbound	outbound	ADJ
ftr-312	139	16	inversion	inversion	NOUN
ftr-312	139	17	transactions	transaction	NOUN
ftr-312	139	18	42	42	NUM
ftr-312	139	19	-	-	SYM
ftr-312	139	20	43	43	NUM
ftr-312	139	21	(	(	PUNCT
ftr-312	139	22	2002	2002	NUM
ftr-312	139	23	)	)	PUNCT
ftr-312	139	24	,	,	PUNCT
ftr-312	139	25	http://www.nysba.org/	http://www.nysba.org/	NOUN
ftr-312	139	26	content	content	NOUN
ftr-312	139	27	/	/	SYM
ftr-312	139	28	contentfolders20	contentfolders20	ADJ
ftr-312	139	29	/	/	SYM
ftr-312	139	30	taxlawsection	taxlawsection	NOUN
ftr-312	139	31	/	/	SYM
ftr-312	139	32	taxreports/1014report.pdf	taxreports/1014report.pdf	NOUN
ftr-312	140	1	[	[	X
ftr-312	140	2	hereinafter	hereinafter	NOUN
ftr-312	140	3	nysba	nysba	NOUN
ftr-312	140	4	,	,	PUNCT
ftr-312	140	5	outbound	outbound	ADJ
ftr-312	140	6	inversion	inversion	NOUN
ftr-312	140	7	transactions	transaction	NOUN
ftr-312	140	8	report	report	NOUN
ftr-312	140	9	]	]	PUNCT
ftr-312	140	10	(	(	PUNCT
ftr-312	140	11	outlining	outline	VERB
ftr-312	140	12	analysis	analysis	NOUN
ftr-312	140	13	in	in	ADP
ftr-312	140	14	support	support	NOUN
ftr-312	140	15	of	of	ADP
ftr-312	140	16	bermuda	bermuda	NOUN
ftr-312	140	17	parent	parent	NOUN
ftr-312	140	18	treatment	treatment	NOUN
ftr-312	140	19	as	as	SCONJ
ftr-312	140	20	engaged	engage	VERB
ftr-312	140	21	in	in	ADP
ftr-312	140	22	a	a	DET
ftr-312	140	23	us	us	PROPN
ftr-312	140	24	trade	trade	NOUN
ftr-312	140	25	or	or	CCONJ
ftr-312	140	26	business	business	NOUN
ftr-312	140	27	and/or	and/or	CCONJ
ftr-312	140	28	having	have	VERB
ftr-312	140	29	a	a	DET
ftr-312	140	30	us	we	PRON
ftr-312	140	31	permanent	permanent	ADJ
ftr-312	140	32	establishment	establishment	NOUN
ftr-312	140	33	)	)	PUNCT
ftr-312	140	34	.	.	PUNCT
ftr-312	141	1	see	see	VERB
ftr-312	141	2	generally	generally	ADV
ftr-312	141	3	lawrence	lawrence	PROPN
ftr-312	141	4	lokken	lokken	PROPN
ftr-312	141	5	,	,	PUNCT
ftr-312	141	6	income	income	NOUN
ftr-312	141	7	connected	connect	VERB
ftr-312	141	8	with	with	ADP
ftr-312	141	9	u.s	u.s	PROPN
ftr-312	141	10	.	.	PROPN
ftr-312	141	11	trade	trade	NOUN
ftr-312	141	12	or	or	CCONJ
ftr-312	141	13	business	business	NOUN
ftr-312	141	14	:	:	PUNCT
ftr-312	141	15	a	a	DET
ftr-312	141	16	survey	survey	NOUN
ftr-312	141	17	and	and	CCONJ
ftr-312	141	18	appraisal	appraisal	NOUN
ftr-312	141	19	,	,	PUNCT
ftr-312	141	20	86	86	NUM
ftr-312	141	21	taxes	taxis	NOUN
ftr-312	141	22	,	,	PUNCT
ftr-312	141	23	mar	mar	PROPN
ftr-312	141	24	.	.	PROPN
ftr-312	141	25	2008	2008	NUM
ftr-312	141	26	,	,	PUNCT
ftr-312	141	27	at	at	ADP
ftr-312	141	28	61	61	NUM
ftr-312	141	29	.	.	PUNCT
ftr-312	142	1	in	in	ADP
ftr-312	142	2	one	one	NUM
ftr-312	142	3	case	case	NOUN
ftr-312	142	4	,	,	PUNCT
ftr-312	142	5	the	the	DET
ftr-312	142	6	tax	tax	NOUN
ftr-312	142	7	court	court	NOUN
ftr-312	142	8	held	hold	VERB
ftr-312	142	9	that	that	SCONJ
ftr-312	142	10	a	a	DET
ftr-312	142	11	foreign	foreign	ADJ
ftr-312	142	12	parent	parent	NOUN
ftr-312	142	13	provided	provide	VERB
ftr-312	142	14	brokerage	brokerage	NOUN
ftr-312	142	15	services	service	NOUN
ftr-312	142	16	through	through	ADP
ftr-312	142	17	its	its	PRON
ftr-312	142	18	us	us	PROPN
ftr-312	142	19	subsidiary	subsidiary	NOUN
ftr-312	142	20	and	and	CCONJ
ftr-312	142	21	therefore	therefore	ADV
ftr-312	142	22	was	be	AUX
ftr-312	142	23	engaged	engage	VERB
ftr-312	142	24	in	in	ADP
ftr-312	142	25	a	a	DET
ftr-312	142	26	us	us	PROPN
ftr-312	142	27	trade	trade	NOUN
ftr-312	142	28	or	or	CCONJ
ftr-312	142	29	business	business	NOUN
ftr-312	142	30	.	.	PUNCT
ftr-312	143	1	see	see	VERB
ftr-312	143	2	inverworld	inverworld	PROPN
ftr-312	143	3	,	,	PUNCT
ftr-312	143	4	inc	inc	PROPN
ftr-312	143	5	.	.	PROPN
ftr-312	143	6	,	,	PUNCT
ftr-312	143	7	et	et	PROPN
ftr-312	143	8	al	al	PROPN
ftr-312	143	9	v.	v.	PROPN
ftr-312	143	10	commissioner	commissioner	PROPN
ftr-312	143	11	,	,	PUNCT
ftr-312	143	12	71	71	NUM
ftr-312	143	13	t.c.m	t.c.m	NOUN
ftr-312	143	14	.	.	PUNCT
ftr-312	144	1	(	(	PUNCT
ftr-312	144	2	cch	cch	NOUN
ftr-312	144	3	)	)	PUNCT
ftr-312	144	4	3231	3231	NUM
ftr-312	144	5	(	(	PUNCT
ftr-312	144	6	1996	1996	NUM
ftr-312	144	7	)	)	PUNCT
ftr-312	144	8	,	,	PUNCT
ftr-312	144	9	t.c.m	t.c.m	INTJ
ftr-312	144	10	.	.	PUNCT
ftr-312	145	1	(	(	PUNCT
ftr-312	145	2	ria	ria	PROPN
ftr-312	145	3	)	)	PUNCT
ftr-312	145	4	¶	¶	NOUN
ftr-312	145	5	1996	1996	NUM
ftr-312	145	6	-	-	SYM
ftr-312	145	7	301	301	NUM
ftr-312	145	8	,	,	PUNCT
ftr-312	145	9	at	at	ADP
ftr-312	145	10	2104–12	2104–12	NUM
ftr-312	145	11	,	,	PUNCT
ftr-312	145	12	reconsideration	reconsideration	NOUN
ftr-312	145	13	denied	deny	VERB
ftr-312	145	14	,	,	PUNCT
ftr-312	145	15	73	73	NUM
ftr-312	145	16	t.c.m	t.c.m	NOUN
ftr-312	145	17	.	.	PUNCT
ftr-312	146	1	(	(	PUNCT
ftr-312	146	2	cch	cch	NOUN
ftr-312	146	3	)	)	PUNCT
ftr-312	146	4	2777	2777	NUM
ftr-312	146	5	,	,	PUNCT
ftr-312	146	6	t.c.m	t.c.m	INTJ
ftr-312	146	7	.	.	PUNCT
ftr-312	147	1	(	(	PUNCT
ftr-312	147	2	ria	ria	PROPN
ftr-312	147	3	)	)	PUNCT
ftr-312	147	4	¶	¶	NOUN
ftr-312	147	5	1997	1997	NUM
ftr-312	147	6	-	-	SYM
ftr-312	147	7	226	226	NUM
ftr-312	147	8	.	.	NUM
ftr-312	148	1	26	26	NUM
ftr-312	148	2	.	.	PUNCT
ftr-312	149	1	see	see	VERB
ftr-312	149	2	,	,	PUNCT
ftr-312	149	3	e.g.	e.g.	ADV
ftr-312	149	4	,	,	PUNCT
ftr-312	149	5	office	office	NOUN
ftr-312	149	6	of	of	ADP
ftr-312	149	7	tax	tax	NOUN
ftr-312	149	8	policy	policy	NOUN
ftr-312	149	9	,	,	PUNCT
ftr-312	149	10	department	department	NOUN
ftr-312	149	11	of	of	ADP
ftr-312	149	12	the	the	DET
ftr-312	149	13	treasury	treasury	NOUN
ftr-312	149	14	,	,	PUNCT
ftr-312	149	15	corporate	corporate	ADJ
ftr-312	149	16	inversion	inversion	NOUN
ftr-312	149	17	transactions	transaction	NOUN
ftr-312	149	18	:	:	PUNCT
ftr-312	149	19	tax	tax	NOUN
ftr-312	149	20	policy	policy	NOUN
ftr-312	149	21	implications	implication	NOUN
ftr-312	149	22	24	24	NUM
ftr-312	149	23	(	(	PUNCT
ftr-312	149	24	2002	2002	NUM
ftr-312	149	25	)	)	PUNCT
ftr-312	149	26	(	(	PUNCT
ftr-312	149	27	noting	note	VERB
ftr-312	149	28	that	that	SCONJ
ftr-312	149	29	a	a	DET
ftr-312	149	30	30	30	NUM
ftr-312	149	31	percent	percent	NOUN
ftr-312	149	32	withholding	withholding	NOUN
ftr-312	149	33	tax	tax	NOUN
ftr-312	149	34	applies	apply	VERB
ftr-312	149	35	to	to	ADP
ftr-312	149	36	“	"	PUNCT
ftr-312	149	37	related	related	ADJ
ftr-312	149	38	party	party	NOUN
ftr-312	149	39	”	"	PUNCT
ftr-312	149	40	interest	interest	NOUN
ftr-312	149	41	payments	payment	NOUN
ftr-312	149	42	from	from	ADP
ftr-312	149	43	us	us	PROPN
ftr-312	149	44	subsidiary	subsidiary	NOUN
ftr-312	149	45	to	to	ADP
ftr-312	149	46	non	non	ADJ
ftr-312	149	47	-	-	ADJ
ftr-312	149	48	us	us	ADJ
ftr-312	149	49	parent	parent	NOUN
ftr-312	149	50	in	in	ADP
ftr-312	149	51	the	the	DET
ftr-312	149	52	absence	absence	NOUN
ftr-312	149	53	of	of	ADP
ftr-312	149	54	a	a	DET
ftr-312	149	55	treaty	treaty	NOUN
ftr-312	149	56	relationship	relationship	NOUN
ftr-312	149	57	)	)	PUNCT
ftr-312	149	58	.	.	PUNCT
ftr-312	150	1	27	27	NUM
ftr-312	150	2	.	.	PUNCT
ftr-312	151	1	tax	tax	NOUN
ftr-312	151	2	-	-	PUNCT
ftr-312	151	3	haven	haven	NOUN
ftr-312	151	4	parents	parent	NOUN
ftr-312	151	5	with	with	ADP
ftr-312	151	6	indirect	indirect	ADJ
ftr-312	151	7	us	us	PROPN
ftr-312	151	8	subsidiaries	subsidiary	NOUN
ftr-312	151	9	have	have	AUX
ftr-312	151	10	used	use	VERB
ftr-312	151	11	barbados	barbado	NOUN
ftr-312	151	12	and	and	CCONJ
ftr-312	151	13	luxembourg	luxembourg	PROPN
ftr-312	151	14	as	as	ADP
ftr-312	151	15	intermediate	intermediate	ADJ
ftr-312	151	16	treaty	treaty	NOUN
ftr-312	151	17	countries	country	NOUN
ftr-312	151	18	,	,	PUNCT
ftr-312	151	19	for	for	ADP
ftr-312	151	20	example	example	NOUN
ftr-312	151	21	.	.	PUNCT
ftr-312	152	1	see	see	VERB
ftr-312	152	2	nysba	nysba	PROPN
ftr-312	152	3	,	,	PUNCT
ftr-312	152	4	outbound	outbound	ADJ
ftr-312	152	5	inversion	inversion	NOUN
ftr-312	152	6	transactions	transaction	NOUN
ftr-312	152	7	report	report	NOUN
ftr-312	152	8	,	,	PUNCT
ftr-312	152	9	supra	supra	PROPN
ftr-312	152	10	note	note	PROPN
ftr-312	152	11	25	25	NUM
ftr-312	152	12	,	,	PUNCT
ftr-312	152	13	at	at	ADP
ftr-312	152	14	6	6	NUM
ftr-312	152	15	,	,	PUNCT
ftr-312	152	16	19	19	NUM
ftr-312	152	17	-	-	SYM
ftr-312	152	18	20	20	NUM
ftr-312	152	19	(	(	PUNCT
ftr-312	152	20	reporting	report	VERB
ftr-312	152	21	intermediate	intermediate	ADJ
ftr-312	152	22	barbados	barbado	NOUN
ftr-312	152	23	affiliate	affiliate	NOUN
ftr-312	152	24	in	in	ADP
ftr-312	152	25	1994	1994	NUM
ftr-312	152	26	bermuda	bermuda	NOUN
ftr-312	152	27	-	-	PUNCT
ftr-312	152	28	parented	parent	VERB
ftr-312	152	29	helen	helen	PROPN
ftr-312	152	30	of	of	ADP
ftr-312	152	31	troy	troy	PROPN
ftr-312	152	32	structure	structure	NOUN
ftr-312	152	33	and	and	CCONJ
ftr-312	152	34	intermediate	intermediate	ADJ
ftr-312	152	35	luxembourg	luxembourg	PROPN
ftr-312	152	36	affiliate	affiliate	NOUN
ftr-312	152	37	in	in	ADP
ftr-312	152	38	2001	2001	NUM
ftr-312	152	39	bermuda	bermuda	NOUN
ftr-312	152	40	-	-	PUNCT
ftr-312	152	41	parented	parent	VERB
ftr-312	152	42	accenture	accenture	NOUN
ftr-312	152	43	structure	structure	NOUN
ftr-312	152	44	)	)	PUNCT
ftr-312	152	45	.	.	PUNCT
ftr-312	153	1	public	public	ADJ
ftr-312	153	2	disclosures	disclosure	NOUN
ftr-312	153	3	typically	typically	ADV
ftr-312	153	4	do	do	AUX
ftr-312	153	5	not	not	PART
ftr-312	153	6	make	make	VERB
ftr-312	153	7	such	such	ADJ
ftr-312	153	8	intermediate	intermediate	ADJ
ftr-312	153	9	structures	structure	NOUN
ftr-312	153	10	clear	clear	ADJ
ftr-312	153	11	.	.	PUNCT
ftr-312	154	1	for	for	ADP
ftr-312	154	2	example	example	NOUN
ftr-312	154	3	,	,	PUNCT
ftr-312	154	4	michael	michael	PROPN
ftr-312	154	5	kors	kor	NOUN
ftr-312	154	6	did	do	AUX
ftr-312	154	7	not	not	PART
ftr-312	154	8	disclose	disclose	VERB
ftr-312	154	9	an	an	DET
ftr-312	154	10	effectively	effectively	ADV
ftr-312	154	11	connected	connect	VERB
ftr-312	154	12	income	income	NOUN
ftr-312	154	13	,	,	PUNCT
ftr-312	154	14	branch	branch	NOUN
ftr-312	154	15	profits	profit	NOUN
ftr-312	154	16	,	,	PUNCT
ftr-312	154	17	or	or	CCONJ
ftr-312	154	18	permanent	permanent	ADJ
ftr-312	154	19	establishment	establishment	NOUN
ftr-312	154	20	risk	risk	NOUN
ftr-312	154	21	.	.	PUNCT
ftr-312	155	1	its	its	PRON
ftr-312	155	2	list	list	NOUN
ftr-312	155	3	of	of	ADP
ftr-312	155	4	subsidiaries	subsidiary	NOUN
ftr-312	155	5	includes	include	VERB
ftr-312	155	6	a	a	DET
ftr-312	155	7	swiss	swiss	ADJ
ftr-312	155	8	“	"	PUNCT
ftr-312	155	9	holdings	holding	NOUN
ftr-312	155	10	”	"	PUNCT
ftr-312	155	11	affiliate	affiliate	NOUN
ftr-312	155	12	that	that	PRON
ftr-312	155	13	might	might	AUX
ftr-312	155	14	serve	serve	VERB
ftr-312	155	15	an	an	DET
ftr-312	155	16	intermediate	intermediate	ADJ
ftr-312	155	17	treaty	treaty	NOUN
ftr-312	155	18	planning	planning	NOUN
ftr-312	155	19	role	role	NOUN
ftr-312	155	20	between	between	ADP
ftr-312	155	21	the	the	DET
ftr-312	155	22	british	british	PROPN
ftr-312	155	23	virgin	virgin	PROPN
ftr-312	155	24	islands	island	VERB
ftr-312	155	25	parent	parent	NOUN
ftr-312	155	26	and	and	CCONJ
ftr-312	155	27	the	the	DET
ftr-312	155	28	us	us	PROPN
ftr-312	155	29	indirect	indirect	ADJ
ftr-312	155	30	subsidiary	subsidiary	NOUN
ftr-312	155	31	.	.	PUNCT
ftr-312	156	1	see	see	VERB
ftr-312	156	2	michael	michael	PROPN
ftr-312	156	3	kors	kors	PROPN
ftr-312	156	4	holdings	holdings	PROPN
ftr-312	156	5	ltd	ltd	PROPN
ftr-312	156	6	.	.	PROPN
ftr-312	156	7	,	,	PUNCT
ftr-312	156	8	registration	registration	NOUN
ftr-312	156	9	statement	statement	NOUN
ftr-312	156	10	(	(	PUNCT
ftr-312	156	11	form	form	NOUN
ftr-312	156	12	f-1	f-1	NOUN
ftr-312	156	13	)	)	PUNCT
ftr-312	156	14	ex	ex	X
ftr-312	156	15	.	.	PROPN
ftr-312	156	16	21.1	21.1	NUM
ftr-312	156	17	(	(	PUNCT
ftr-312	156	18	dec	dec	PROPN
ftr-312	156	19	.	.	PROPN
ftr-312	156	20	2	2	NUM
ftr-312	156	21	,	,	PUNCT
ftr-312	156	22	2011	2011	NUM
ftr-312	156	23	)	)	PUNCT
ftr-312	156	24	,	,	PUNCT
ftr-312	156	25	http://www.sec.gov/archives/edgar/data/1530721/000119312511328487/	http://www.sec.gov/archives/edgar/data/1530721/000119312511328487/	PROPN
ftr-312	156	26	d232021dex211.htm	d232021dex211.htm	PROPN
ftr-312	156	27	(	(	PUNCT
ftr-312	156	28	listing	list	VERB
ftr-312	156	29	subsidiaries	subsidiary	NOUN
ftr-312	156	30	)	)	PUNCT
ftr-312	156	31	.	.	PUNCT
ftr-312	157	1	freescale	freescale	PROPN
ftr-312	157	2	semiconductor	semiconductor	NOUN
ftr-312	157	3	also	also	ADV
ftr-312	157	4	does	do	AUX
ftr-312	157	5	not	not	PART
ftr-312	157	6	disclose	disclose	VERB
ftr-312	157	7	such	such	ADJ
ftr-312	157	8	risks	risk	NOUN
ftr-312	157	9	,	,	PUNCT
ftr-312	157	10	although	although	SCONJ
ftr-312	157	11	it	it	PRON
ftr-312	157	12	does	do	AUX
ftr-312	157	13	disclose	disclose	VERB
ftr-312	157	14	that	that	SCONJ
ftr-312	157	15	a	a	DET
ftr-312	157	16	shareholder	shareholder	NOUN
ftr-312	157	17	’s	’s	PART
ftr-312	157	18	tax	tax	NOUN
ftr-312	157	19	results	result	NOUN
ftr-312	157	20	might	might	AUX
ftr-312	157	21	be	be	AUX
ftr-312	157	22	different	different	ADJ
ftr-312	157	23	if	if	SCONJ
ftr-312	157	24	that	that	DET
ftr-312	157	25	shareholder	shareholder	NOUN
ftr-312	157	26	received	receive	VERB
ftr-312	157	27	dividends	dividend	NOUN
ftr-312	157	28	or	or	CCONJ
ftr-312	157	29	gains	gain	NOUN
ftr-312	157	30	related	relate	VERB
ftr-312	157	31	to	to	ADP
ftr-312	157	32	a	a	DET
ftr-312	157	33	us	us	PROPN
ftr-312	157	34	trade	trade	NOUN
ftr-312	157	35	or	or	CCONJ
ftr-312	157	36	business	business	NOUN
ftr-312	157	37	of	of	ADP
ftr-312	157	38	the	the	DET
ftr-312	157	39	shareholder	shareholder	NOUN
ftr-312	157	40	.	.	PUNCT
ftr-312	158	1	see	see	VERB
ftr-312	158	2	freescale	freescale	PROPN
ftr-312	158	3	semiconductor	semiconductor	NOUN
ftr-312	158	4	holdings	holding	NOUN
ftr-312	158	5	i	i	PROPN
ftr-312	158	6	,	,	PUNCT
ftr-312	158	7	ltd	ltd	PROPN
ftr-312	158	8	.	.	PROPN
ftr-312	158	9	,	,	PUNCT
ftr-312	158	10	registration	registration	NOUN
ftr-312	158	11	statement	statement	NOUN
ftr-312	158	12	(	(	PUNCT
ftr-312	158	13	form	form	NOUN
ftr-312	158	14	s-1a	s-1a	PROPN
ftr-312	158	15	)	)	PUNCT
ftr-312	158	16	180	180	NUM
ftr-312	158	17	(	(	PUNCT
ftr-312	158	18	may	may	PROPN
ftr-312	158	19	20	20	NUM
ftr-312	158	20	,	,	PUNCT
ftr-312	158	21	2011	2011	NUM
ftr-312	158	22	)	)	PUNCT
ftr-312	158	23	,	,	PUNCT
ftr-312	158	24	http://www.sec.gov/	http://www.sec.gov/	PROPN
ftr-312	158	25	archives	archive	NOUN
ftr-312	158	26	/	/	SYM
ftr-312	158	27	edgar	edgar	PROPN
ftr-312	158	28	/	/	SYM
ftr-312	158	29	data/1392522/000119312511146916	data/1392522/000119312511146916	NOUN
ftr-312	158	30	/	/	SYM
ftr-312	158	31	ds1a.htm	ds1a.htm	PROPN
ftr-312	158	32	.	.	PUNCT
ftr-312	159	1	freescale	freescale	PROPN
ftr-312	159	2	,	,	PUNCT
ftr-312	159	3	like	like	ADP
ftr-312	159	4	helen	helen	PROPN
ftr-312	159	5	of	of	ADP
ftr-312	159	6	troy	troy	PROPN
ftr-312	159	7	and	and	CCONJ
ftr-312	159	8	accenture	accenture	NOUN
ftr-312	159	9	,	,	PUNCT
ftr-312	159	10	has	have	VERB
ftr-312	159	11	a	a	DET
ftr-312	159	12	bermuda	bermuda	NOUN
ftr-312	159	13	parent	parent	NOUN
ftr-312	159	14	.	.	PUNCT
ftr-312	160	1	however	however	ADV
ftr-312	160	2	,	,	PUNCT
ftr-312	160	3	its	its	PRON
ftr-312	160	4	list	list	NOUN
ftr-312	160	5	of	of	ADP
ftr-312	160	6	subsidiaries	subsidiary	NOUN
ftr-312	160	7	does	do	AUX
ftr-312	160	8	not	not	PART
ftr-312	160	9	include	include	VERB
ftr-312	160	10	an	an	DET
ftr-312	160	11	intermediate	intermediate	ADJ
ftr-312	160	12	barbados	barbado	NOUN
ftr-312	160	13	or	or	CCONJ
ftr-312	160	14	luxembourg	luxembourg	PROPN
ftr-312	160	15	holding	hold	VERB
ftr-312	160	16	company	company	NOUN
ftr-312	160	17	or	or	CCONJ
ftr-312	160	18	another	another	DET
ftr-312	160	19	company	company	NOUN
ftr-312	160	20	whose	whose	DET
ftr-312	160	21	name	name	NOUN
ftr-312	160	22	suggests	suggest	VERB
ftr-312	160	23	that	that	SCONJ
ftr-312	160	24	it	it	PRON
ftr-312	160	25	is	be	AUX
ftr-312	160	26	used	use	VERB
ftr-312	160	27	as	as	ADP
ftr-312	160	28	a	a	DET
ftr-312	160	29	treaty	treaty	NOUN
ftr-312	160	30	intermediate	intermediate	ADJ
ftr-312	160	31	between	between	ADP
ftr-312	160	32	328	328	NUM
ftr-312	160	33	florida	florida	PROPN
ftr-312	160	34	tax	tax	NOUN
ftr-312	160	35	review	review	NOUN
ftr-312	161	1	[	[	X
ftr-312	161	2	vol	vol	NOUN
ftr-312	161	3	.	.	PUNCT
ftr-312	161	4	14:8	14:8	NUM
ftr-312	161	5	because	because	SCONJ
ftr-312	161	6	the	the	DET
ftr-312	161	7	us	us	PROPN
ftr-312	161	8	rule	rule	NOUN
ftr-312	161	9	for	for	ADP
ftr-312	161	10	corporate	corporate	ADJ
ftr-312	161	11	tax	tax	NOUN
ftr-312	161	12	residence	residence	NOUN
ftr-312	161	13	turns	turn	VERB
ftr-312	161	14	on	on	ADP
ftr-312	161	15	incorporation	incorporation	NOUN
ftr-312	161	16	location	location	NOUN
ftr-312	161	17	,	,	PUNCT
ftr-312	161	18	not	not	PART
ftr-312	161	19	on	on	ADP
ftr-312	161	20	management	management	NOUN
ftr-312	161	21	and	and	CCONJ
ftr-312	161	22	control	control	NOUN
ftr-312	161	23	,	,	PUNCT
ftr-312	161	24	a	a	DET
ftr-312	161	25	non	non	ADJ
ftr-312	161	26	-	-	ADJ
ftr-312	161	27	us	we	PRON
ftr-312	161	28	-	-	PUNCT
ftr-312	161	29	parented	parent	VERB
ftr-312	161	30	mnc	mnc	PROPN
ftr-312	161	31	avoids	avoid	VERB
ftr-312	161	32	exposure	exposure	NOUN
ftr-312	161	33	to	to	ADP
ftr-312	161	34	us	we	PRON
ftr-312	161	35	federal	federal	ADJ
ftr-312	161	36	income	income	NOUN
ftr-312	161	37	tax	tax	NOUN
ftr-312	161	38	on	on	ADP
ftr-312	161	39	subpart	subpart	PROPN
ftr-312	161	40	f	f	PROPN
ftr-312	161	41	income	income	NOUN
ftr-312	161	42	earned	earn	VERB
ftr-312	161	43	by	by	ADP
ftr-312	161	44	non	non	ADJ
ftr-312	161	45	-	-	ADJ
ftr-312	161	46	us	us	PROPN
ftr-312	161	47	subsidiaries	subsidiary	NOUN
ftr-312	161	48	,	,	PUNCT
ftr-312	161	49	so	so	ADV
ftr-312	161	50	long	long	ADV
ftr-312	161	51	as	as	ADP
ftr-312	161	52	10	10	NUM
ftr-312	161	53	percent	percent	NOUN
ftr-312	161	54	-	-	PUNCT
ftr-312	161	55	or	or	CCONJ
ftr-312	161	56	-	-	PUNCT
ftr-312	161	57	more	more	ADJ
ftr-312	161	58	-	-	PUNCT
ftr-312	161	59	shareholders	shareholder	NOUN
ftr-312	161	60	that	that	PRON
ftr-312	161	61	are	be	AUX
ftr-312	161	62	us	us	PROPN
ftr-312	161	63	persons	person	NOUN
ftr-312	161	64	do	do	AUX
ftr-312	161	65	not	not	PART
ftr-312	161	66	own	own	VERB
ftr-312	161	67	more	more	ADJ
ftr-312	161	68	than	than	ADP
ftr-312	161	69	50	50	NUM
ftr-312	161	70	percent	percent	NOUN
ftr-312	161	71	of	of	ADP
ftr-312	161	72	the	the	DET
ftr-312	161	73	non	non	ADJ
ftr-312	161	74	-	-	ADJ
ftr-312	161	75	us	we	PRON
ftr-312	161	76	parent.28	parent.28	NOUN
ftr-312	161	77	in	in	ADP
ftr-312	161	78	addition	addition	NOUN
ftr-312	161	79	,	,	PUNCT
ftr-312	161	80	a	a	DET
ftr-312	161	81	non	non	ADJ
ftr-312	161	82	-	-	ADJ
ftr-312	161	83	us	we	PRON
ftr-312	161	84	-	-	PUNCT
ftr-312	161	85	parented	parent	VERB
ftr-312	161	86	mnc	mnc	PROPN
ftr-312	161	87	can	can	AUX
ftr-312	161	88	use	use	VERB
ftr-312	161	89	base	base	NOUN
ftr-312	161	90	erosion	erosion	NOUN
ftr-312	161	91	or	or	CCONJ
ftr-312	161	92	earnings	earning	NOUN
ftr-312	161	93	-	-	PUNCT
ftr-312	161	94	stripping	strip	VERB
ftr-312	161	95	strategies	strategy	NOUN
ftr-312	161	96	,	,	PUNCT
ftr-312	161	97	under	under	ADP
ftr-312	161	98	which	which	PRON
ftr-312	161	99	a	a	DET
ftr-312	161	100	us	us	PROPN
ftr-312	161	101	subsidiary	subsidiary	NOUN
ftr-312	161	102	makes	make	VERB
ftr-312	161	103	deductible	deductible	ADJ
ftr-312	161	104	interest	interest	NOUN
ftr-312	161	105	or	or	CCONJ
ftr-312	161	106	other	other	ADJ
ftr-312	161	107	payments	payment	NOUN
ftr-312	161	108	to	to	ADP
ftr-312	161	109	its	its	PRON
ftr-312	161	110	non	non	ADJ
ftr-312	161	111	-	-	ADJ
ftr-312	161	112	us	us	ADJ
ftr-312	161	113	parent	parent	NOUN
ftr-312	161	114	,	,	PUNCT
ftr-312	161	115	to	to	PART
ftr-312	161	116	reduce	reduce	VERB
ftr-312	161	117	the	the	DET
ftr-312	161	118	amount	amount	NOUN
ftr-312	161	119	of	of	ADP
ftr-312	161	120	income	income	NOUN
ftr-312	161	121	subject	subject	ADJ
ftr-312	161	122	to	to	ADP
ftr-312	161	123	us	we	PRON
ftr-312	161	124	tax.29	tax.29	NOUN
ftr-312	161	125	research	research	NOUN
ftr-312	161	126	on	on	ADP
ftr-312	161	127	non	non	ADJ
ftr-312	161	128	-	-	ADJ
ftr-312	161	129	us	us	ADV
ftr-312	161	130	-	-	PUNCT
ftr-312	161	131	parented	parent	VERB
ftr-312	161	132	structures	structure	NOUN
ftr-312	161	133	resulting	result	VERB
ftr-312	161	134	from	from	ADP
ftr-312	161	135	inversion	inversion	NOUN
ftr-312	161	136	transactions	transaction	NOUN
ftr-312	161	137	undertaken	undertake	VERB
ftr-312	161	138	prior	prior	ADV
ftr-312	161	139	to	to	ADP
ftr-312	161	140	the	the	DET
ftr-312	161	141	enactment	enactment	NOUN
ftr-312	161	142	of	of	ADP
ftr-312	161	143	the	the	DET
ftr-312	161	144	2004	2004	NUM
ftr-312	161	145	anti	anti	ADJ
ftr-312	161	146	-	-	ADJ
ftr-312	161	147	inversion	inversion	ADJ
ftr-312	161	148	rules	rule	NOUN
ftr-312	161	149	suggests	suggest	VERB
ftr-312	161	150	that	that	SCONJ
ftr-312	161	151	the	the	DET
ftr-312	161	152	tax	tax	NOUN
ftr-312	161	153	savings	saving	NOUN
ftr-312	161	154	provided	provide	VERB
ftr-312	161	155	by	by	ADP
ftr-312	161	156	such	such	ADJ
ftr-312	161	157	structures	structure	NOUN
ftr-312	161	158	depends	depend	VERB
ftr-312	161	159	in	in	ADP
ftr-312	161	160	significant	significant	ADJ
ftr-312	161	161	part	part	NOUN
ftr-312	161	162	on	on	ADP
ftr-312	161	163	the	the	DET
ftr-312	161	164	success	success	NOUN
ftr-312	161	165	of	of	ADP
ftr-312	161	166	earnings	earning	NOUN
ftr-312	161	167	-	-	PUNCT
ftr-312	161	168	stripping	strip	VERB
ftr-312	161	169	strategies	strategy	NOUN
ftr-312	161	170	.	.	PUNCT
ftr-312	162	1	one	one	NUM
ftr-312	162	2	study	study	NOUN
ftr-312	162	3	shows	show	VERB
ftr-312	162	4	no	no	DET
ftr-312	162	5	systematic	systematic	ADJ
ftr-312	162	6	increase	increase	NOUN
ftr-312	162	7	in	in	ADP
ftr-312	162	8	company	company	NOUN
ftr-312	162	9	valuation	valuation	NOUN
ftr-312	162	10	following	follow	VERB
ftr-312	162	11	the	the	DET
ftr-312	162	12	announcement	announcement	NOUN
ftr-312	162	13	of	of	ADP
ftr-312	162	14	an	an	DET
ftr-312	162	15	inversion.30	inversion.30	NOUN
ftr-312	162	16	but	but	CCONJ
ftr-312	162	17	another	another	PRON
ftr-312	162	18	concludes	conclude	VERB
ftr-312	162	19	that	that	SCONJ
ftr-312	162	20	markets	market	NOUN
ftr-312	162	21	exhibit	exhibit	VERB
ftr-312	162	22	more	more	ADV
ftr-312	162	23	positive	positive	ADJ
ftr-312	162	24	reactions	reaction	NOUN
ftr-312	162	25	to	to	ADP
ftr-312	162	26	inversions	inversion	NOUN
ftr-312	162	27	in	in	ADP
ftr-312	162	28	the	the	DET
ftr-312	162	29	presence	presence	NOUN
ftr-312	162	30	of	of	ADP
ftr-312	162	31	greater	great	ADJ
ftr-312	162	32	leverage.31	leverage.31	NOUN
ftr-312	162	33	this	this	PRON
ftr-312	162	34	is	be	AUX
ftr-312	162	35	consistent	consistent	ADJ
ftr-312	162	36	with	with	ADP
ftr-312	162	37	evidence	evidence	NOUN
ftr-312	162	38	that	that	SCONJ
ftr-312	162	39	earnings	earning	NOUN
ftr-312	162	40	stripping	strip	VERB
ftr-312	162	41	results	result	NOUN
ftr-312	162	42	in	in	ADP
ftr-312	162	43	lower	low	ADJ
ftr-312	162	44	post	post	NOUN
ftr-312	162	45	bermuda	bermuda	NOUN
ftr-312	162	46	and	and	CCONJ
ftr-312	162	47	the	the	DET
ftr-312	162	48	us	us	PROPN
ftr-312	162	49	.	.	PUNCT
ftr-312	163	1	a	a	DET
ftr-312	163	2	swiss	swiss	ADJ
ftr-312	163	3	company	company	NOUN
ftr-312	163	4	appears	appear	VERB
ftr-312	163	5	to	to	PART
ftr-312	163	6	serve	serve	VERB
ftr-312	163	7	as	as	ADP
ftr-312	163	8	an	an	DET
ftr-312	163	9	intermediate	intermediate	NOUN
ftr-312	163	10	for	for	ADP
ftr-312	163	11	indirect	indirect	ADJ
ftr-312	163	12	european	european	ADJ
ftr-312	163	13	subsidiaries	subsidiary	NOUN
ftr-312	163	14	and	and	CCONJ
ftr-312	163	15	a	a	DET
ftr-312	163	16	british	british	ADJ
ftr-312	163	17	virgin	virgin	PROPN
ftr-312	163	18	islands	islands	PROPN
ftr-312	163	19	company	company	PROPN
ftr-312	163	20	as	as	ADP
ftr-312	163	21	an	an	DET
ftr-312	163	22	intermediate	intermediate	NOUN
ftr-312	163	23	for	for	ADP
ftr-312	163	24	several	several	ADJ
ftr-312	163	25	asian	asian	ADJ
ftr-312	163	26	subsidiaries	subsidiary	NOUN
ftr-312	163	27	.	.	PUNCT
ftr-312	164	1	see	see	VERB
ftr-312	164	2	freescale	freescale	PROPN
ftr-312	164	3	semiconductor	semiconductor	NOUN
ftr-312	164	4	holdings	holding	NOUN
ftr-312	164	5	i	i	PROPN
ftr-312	164	6	,	,	PUNCT
ftr-312	164	7	ltd	ltd	PROPN
ftr-312	164	8	.	.	PROPN
ftr-312	164	9	,	,	PUNCT
ftr-312	164	10	registration	registration	NOUN
ftr-312	164	11	statement	statement	NOUN
ftr-312	164	12	(	(	PUNCT
ftr-312	164	13	form	form	NOUN
ftr-312	164	14	s-1a	s-1a	NOUN
ftr-312	164	15	)	)	PUNCT
ftr-312	164	16	exhibit	exhibit	VERB
ftr-312	164	17	21.1	21.1	NUM
ftr-312	164	18	(	(	PUNCT
ftr-312	164	19	may	may	PROPN
ftr-312	164	20	20	20	NUM
ftr-312	164	21	,	,	PUNCT
ftr-312	164	22	2011	2011	NUM
ftr-312	164	23	)	)	PUNCT
ftr-312	164	24	,	,	PUNCT
ftr-312	164	25	http://www.sec.gov/archives/edgar/data/1392522/000119312511032381/dex211.ht	http://www.sec.gov/archives/edgar/data/1392522/000119312511032381/dex211.ht	PRON
ftr-312	164	26	m	m	AUX
ftr-312	164	27	(	(	PUNCT
ftr-312	164	28	listing	list	VERB
ftr-312	164	29	subsidiaries	subsidiary	NOUN
ftr-312	164	30	)	)	PUNCT
ftr-312	164	31	.	.	PUNCT
ftr-312	165	1	interwave	interwave	PROPN
ftr-312	165	2	provides	provide	VERB
ftr-312	165	3	a	a	DET
ftr-312	165	4	counterexample	counterexample	NOUN
ftr-312	165	5	of	of	ADP
ftr-312	165	6	an	an	DET
ftr-312	165	7	ipo	ipo	NOUN
ftr-312	165	8	firm	firm	NOUN
ftr-312	165	9	that	that	PRON
ftr-312	165	10	discloses	disclose	VERB
ftr-312	165	11	an	an	DET
ftr-312	165	12	effectively	effectively	ADV
ftr-312	165	13	connected	connect	VERB
ftr-312	165	14	income	income	NOUN
ftr-312	165	15	risk	risk	NOUN
ftr-312	165	16	.	.	PUNCT
ftr-312	166	1	see	see	VERB
ftr-312	166	2	interwave	interwave	ADJ
ftr-312	166	3	communications	communication	NOUN
ftr-312	166	4	int’l	int’l	NUM
ftr-312	166	5	ltd	ltd	PROPN
ftr-312	166	6	.	.	PROPN
ftr-312	166	7	,	,	PUNCT
ftr-312	166	8	registration	registration	NOUN
ftr-312	166	9	statement	statement	NOUN
ftr-312	166	10	(	(	PUNCT
ftr-312	166	11	form	form	NOUN
ftr-312	166	12	f-1a	f-1a	PROPN
ftr-312	166	13	)	)	PUNCT
ftr-312	166	14	81	81	NUM
ftr-312	166	15	(	(	PUNCT
ftr-312	166	16	jan	jan	PROPN
ftr-312	166	17	.	.	PROPN
ftr-312	166	18	28	28	NUM
ftr-312	166	19	,	,	PUNCT
ftr-312	166	20	2000	2000	NUM
ftr-312	166	21	)	)	PUNCT
ftr-312	166	22	,	,	PUNCT
ftr-312	166	23	http://www.sec.gov/archives/edgar/data/1095478/000091205700002759/000091205	http://www.sec.gov/archives/edgar/data/1095478/000091205700002759/000091205	PROPN
ftr-312	166	24	7-00-002759.txt	7-00-002759.txt	PROPN
ftr-312	166	25	.	.	PUNCT
ftr-312	167	1	28	28	NUM
ftr-312	167	2	.	.	PUNCT
ftr-312	168	1	see	see	VERB
ftr-312	168	2	mihir	mihir	PROPN
ftr-312	168	3	a.	a.	PROPN
ftr-312	168	4	desai	desai	PROPN
ftr-312	168	5	&	&	CCONJ
ftr-312	168	6	james	james	PROPN
ftr-312	168	7	r.	r.	PROPN
ftr-312	168	8	hines	hines	PROPN
ftr-312	168	9	jr	jr	PROPN
ftr-312	168	10	.	.	PROPN
ftr-312	168	11	,	,	PUNCT
ftr-312	168	12	expectations	expectation	NOUN
ftr-312	168	13	and	and	CCONJ
ftr-312	168	14	expatriations	expatriation	NOUN
ftr-312	168	15	:	:	PUNCT
ftr-312	168	16	tracing	trace	VERB
ftr-312	168	17	the	the	DET
ftr-312	168	18	causes	cause	NOUN
ftr-312	168	19	and	and	CCONJ
ftr-312	168	20	consequences	consequence	NOUN
ftr-312	168	21	of	of	ADP
ftr-312	168	22	corporate	corporate	ADJ
ftr-312	168	23	inversions	inversion	NOUN
ftr-312	168	24	,	,	PUNCT
ftr-312	168	25	55	55	NUM
ftr-312	168	26	nat’l	nat’l	NOUN
ftr-312	168	27	tax	tax	NOUN
ftr-312	168	28	j.	j.	PROPN
ftr-312	168	29	409	409	NUM
ftr-312	168	30	,	,	PUNCT
ftr-312	168	31	421	421	NUM
ftr-312	168	32	(	(	PUNCT
ftr-312	168	33	2002	2002	NUM
ftr-312	168	34	)	)	PUNCT
ftr-312	169	1	[	[	X
ftr-312	169	2	hereinafter	hereinafter	NOUN
ftr-312	169	3	desai	desai	PROPN
ftr-312	169	4	&	&	CCONJ
ftr-312	169	5	hines	hines	PROPN
ftr-312	169	6	,	,	PUNCT
ftr-312	169	7	expectations	expectation	NOUN
ftr-312	169	8	and	and	CCONJ
ftr-312	169	9	expatriations	expatriation	NOUN
ftr-312	169	10	]	]	PUNCT
ftr-312	169	11	(	(	PUNCT
ftr-312	169	12	citing	cite	VERB
ftr-312	169	13	avoidance	avoidance	NOUN
ftr-312	169	14	of	of	ADP
ftr-312	169	15	subpart	subpart	PROPN
ftr-312	169	16	f	f	PROPN
ftr-312	169	17	as	as	ADP
ftr-312	169	18	the	the	DET
ftr-312	169	19	frequently	frequently	ADV
ftr-312	169	20	articulated	articulated	ADJ
ftr-312	169	21	reason	reason	NOUN
ftr-312	169	22	for	for	ADP
ftr-312	169	23	corporate	corporate	ADJ
ftr-312	169	24	inversions	inversion	NOUN
ftr-312	169	25	)	)	PUNCT
ftr-312	169	26	.	.	PUNCT
ftr-312	170	1	29	29	NUM
ftr-312	170	2	.	.	X
ftr-312	171	1	see	see	VERB
ftr-312	171	2	,	,	PUNCT
ftr-312	171	3	e.g.	e.g.	ADV
ftr-312	171	4	,	,	PUNCT
ftr-312	171	5	office	office	NOUN
ftr-312	171	6	of	of	ADP
ftr-312	171	7	tax	tax	NOUN
ftr-312	171	8	policy	policy	NOUN
ftr-312	171	9	,	,	PUNCT
ftr-312	171	10	department	department	NOUN
ftr-312	171	11	of	of	ADP
ftr-312	171	12	the	the	DET
ftr-312	171	13	treasury	treasury	NOUN
ftr-312	171	14	,	,	PUNCT
ftr-312	171	15	corporate	corporate	ADJ
ftr-312	171	16	inversion	inversion	NOUN
ftr-312	171	17	transactions	transaction	NOUN
ftr-312	171	18	:	:	PUNCT
ftr-312	171	19	tax	tax	NOUN
ftr-312	171	20	policy	policy	NOUN
ftr-312	171	21	implications	implication	NOUN
ftr-312	171	22	13	13	NUM
ftr-312	171	23	(	(	PUNCT
ftr-312	171	24	2002	2002	NUM
ftr-312	171	25	)	)	PUNCT
ftr-312	171	26	(	(	PUNCT
ftr-312	171	27	discussing	discuss	VERB
ftr-312	171	28	deductible	deductible	ADJ
ftr-312	171	29	payments	payment	NOUN
ftr-312	171	30	resulting	result	VERB
ftr-312	171	31	from	from	ADP
ftr-312	171	32	intercompany	intercompany	NOUN
ftr-312	171	33	debt	debt	NOUN
ftr-312	171	34	and	and	CCONJ
ftr-312	171	35	reinsurance	reinsurance	NOUN
ftr-312	171	36	)	)	PUNCT
ftr-312	171	37	.	.	PUNCT
ftr-312	172	1	30	30	NUM
ftr-312	172	2	.	.	PUNCT
ftr-312	173	1	see	see	VERB
ftr-312	173	2	c.	c.	PROPN
ftr-312	173	3	bryan	bryan	PROPN
ftr-312	173	4	cloyd	cloyd	PROPN
ftr-312	173	5	,	,	PUNCT
ftr-312	173	6	lillian	lillian	PROPN
ftr-312	173	7	f.	f.	PROPN
ftr-312	173	8	mills	mills	PROPN
ftr-312	173	9	&	&	CCONJ
ftr-312	173	10	connie	connie	PROPN
ftr-312	173	11	d.	d.	PROPN
ftr-312	173	12	weaver	weaver	PROPN
ftr-312	173	13	,	,	PUNCT
ftr-312	173	14	firm	firm	ADJ
ftr-312	173	15	valuation	valuation	NOUN
ftr-312	173	16	effects	effect	NOUN
ftr-312	173	17	of	of	ADP
ftr-312	173	18	the	the	DET
ftr-312	173	19	expatriation	expatriation	NOUN
ftr-312	173	20	of	of	ADP
ftr-312	173	21	u.s	u.s	PROPN
ftr-312	173	22	.	.	PROPN
ftr-312	173	23	corporations	corporation	NOUN
ftr-312	173	24	to	to	ADP
ftr-312	173	25	tax	tax	NOUN
ftr-312	173	26	-	-	PUNCT
ftr-312	173	27	haven	haven	NOUN
ftr-312	173	28	countries	country	NOUN
ftr-312	173	29	,	,	PUNCT
ftr-312	173	30	25	25	NUM
ftr-312	173	31	j.	j.	PROPN
ftr-312	173	32	am	am	PROPN
ftr-312	173	33	.	.	PUNCT
ftr-312	174	1	tax’n	tax’n	NOUN
ftr-312	174	2	ass’n	ass’n	NUM
ftr-312	174	3	87	87	NUM
ftr-312	174	4	(	(	PUNCT
ftr-312	174	5	2002	2002	NUM
ftr-312	174	6	)	)	PUNCT
ftr-312	174	7	.	.	PUNCT
ftr-312	175	1	31	31	NUM
ftr-312	175	2	.	.	PUNCT
ftr-312	176	1	see	see	VERB
ftr-312	176	2	desai	desai	PROPN
ftr-312	176	3	&	&	CCONJ
ftr-312	176	4	hines	hines	PROPN
ftr-312	176	5	,	,	PUNCT
ftr-312	176	6	expectations	expectation	NOUN
ftr-312	176	7	and	and	CCONJ
ftr-312	176	8	expatriations	expatriation	NOUN
ftr-312	176	9	,	,	PUNCT
ftr-312	176	10	supra	supra	PROPN
ftr-312	176	11	note	note	PROPN
ftr-312	176	12	28	28	NUM
ftr-312	176	13	,	,	PUNCT
ftr-312	176	14	at	at	ADP
ftr-312	176	15	435	435	NUM
ftr-312	176	16	(	(	PUNCT
ftr-312	176	17	reporting	report	VERB
ftr-312	176	18	correlation	correlation	NOUN
ftr-312	176	19	between	between	ADP
ftr-312	176	20	higher	high	ADJ
ftr-312	176	21	leverage	leverage	NOUN
ftr-312	176	22	and	and	CCONJ
ftr-312	176	23	favorable	favorable	ADJ
ftr-312	176	24	stock	stock	NOUN
ftr-312	176	25	price	price	NOUN
ftr-312	176	26	reactions	reaction	NOUN
ftr-312	176	27	upon	upon	SCONJ
ftr-312	176	28	inversion	inversion	NOUN
ftr-312	176	29	transaction	transaction	NOUN
ftr-312	176	30	announcement	announcement	NOUN
ftr-312	176	31	)	)	PUNCT
ftr-312	176	32	.	.	PUNCT
ftr-312	177	1	2013	2013	NUM
ftr-312	177	2	]	]	PUNCT
ftr-312	177	3	tax	tax	NOUN
ftr-312	177	4	planning	planning	NOUN
ftr-312	177	5	and	and	CCONJ
ftr-312	177	6	initial	initial	ADJ
ftr-312	177	7	incorporation	incorporation	NOUN
ftr-312	177	8	location	location	NOUN
ftr-312	177	9	329	329	NUM
ftr-312	177	10	inversion	inversion	NOUN
ftr-312	177	11	effective	effective	ADJ
ftr-312	177	12	tax	tax	NOUN
ftr-312	177	13	rates	rate	NOUN
ftr-312	177	14	for	for	ADP
ftr-312	177	15	inverted	inverted	ADJ
ftr-312	177	16	firms	firm	NOUN
ftr-312	177	17	compared	compare	VERB
ftr-312	177	18	to	to	ADP
ftr-312	177	19	a	a	DET
ftr-312	177	20	control	control	NOUN
ftr-312	177	21	sample.32	sample.32	PROPN
ftr-312	177	22	iii	iii	PROPN
ftr-312	177	23	.	.	PUNCT
ftr-312	178	1	us	us	PROPN
ftr-312	178	2	incorporation	incorporation	NOUN
ftr-312	178	3	:	:	PUNCT
ftr-312	178	4	a	a	DET
ftr-312	178	5	dominant	dominant	ADJ
ftr-312	178	6	structure	structure	NOUN
ftr-312	178	7	with	with	ADP
ftr-312	178	8	exceptions	exception	NOUN
ftr-312	178	9	a.	a.	VERB
ftr-312	178	10	us	us	PROPN
ftr-312	178	11	-	-	PUNCT
ftr-312	178	12	based	base	VERB
ftr-312	178	13	startups	startup	NOUN
ftr-312	178	14	generally	generally	ADV
ftr-312	178	15	incorporate	incorporate	VERB
ftr-312	178	16	in	in	ADP
ftr-312	178	17	the	the	DET
ftr-312	178	18	us	us	PROPN
ftr-312	178	19	a	a	DET
ftr-312	178	20	“	"	PUNCT
ftr-312	178	21	startup	startup	NOUN
ftr-312	178	22	,	,	PUNCT
ftr-312	178	23	”	"	PUNCT
ftr-312	178	24	for	for	ADP
ftr-312	178	25	purposes	purpose	NOUN
ftr-312	178	26	of	of	ADP
ftr-312	178	27	this	this	DET
ftr-312	178	28	article	article	NOUN
ftr-312	178	29	,	,	PUNCT
ftr-312	178	30	is	be	AUX
ftr-312	178	31	a	a	DET
ftr-312	178	32	relatively	relatively	ADV
ftr-312	178	33	new	new	ADJ
ftr-312	178	34	private	private	ADJ
ftr-312	178	35	business	business	NOUN
ftr-312	178	36	enterprise	enterprise	NOUN
ftr-312	178	37	with	with	ADP
ftr-312	178	38	global	global	ADJ
ftr-312	178	39	ambitions	ambition	NOUN
ftr-312	178	40	.	.	PUNCT
ftr-312	179	1	this	this	DET
ftr-312	179	2	article	article	NOUN
ftr-312	179	3	focuses	focus	VERB
ftr-312	179	4	on	on	ADP
ftr-312	179	5	initial	initial	ADJ
ftr-312	179	6	incorporation	incorporation	NOUN
ftr-312	179	7	decisions	decision	NOUN
ftr-312	179	8	of	of	ADP
ftr-312	179	9	“	"	PUNCT
ftr-312	179	10	relatively	relatively	ADV
ftr-312	179	11	new	new	ADJ
ftr-312	179	12	”	"	PUNCT
ftr-312	179	13	firms	firm	NOUN
ftr-312	179	14	and	and	CCONJ
ftr-312	179	15	not	not	PART
ftr-312	179	16	on	on	ADP
ftr-312	179	17	later	later	ADJ
ftr-312	179	18	changes	change	NOUN
ftr-312	179	19	in	in	ADP
ftr-312	179	20	a	a	DET
ftr-312	179	21	firm	firm	NOUN
ftr-312	179	22	’s	’s	PART
ftr-312	179	23	place	place	NOUN
ftr-312	179	24	of	of	ADP
ftr-312	179	25	incorporation	incorporation	NOUN
ftr-312	179	26	,	,	PUNCT
ftr-312	179	27	for	for	ADP
ftr-312	179	28	example	example	NOUN
ftr-312	179	29	as	as	ADP
ftr-312	179	30	a	a	DET
ftr-312	179	31	result	result	NOUN
ftr-312	179	32	of	of	ADP
ftr-312	179	33	a	a	DET
ftr-312	179	34	standalone	standalone	ADJ
ftr-312	179	35	inversion	inversion	NOUN
ftr-312	179	36	transaction	transaction	NOUN
ftr-312	179	37	,	,	PUNCT
ftr-312	179	38	strategic	strategic	ADJ
ftr-312	179	39	acquisition	acquisition	NOUN
ftr-312	179	40	,	,	PUNCT
ftr-312	179	41	or	or	CCONJ
ftr-312	179	42	private	private	ADJ
ftr-312	179	43	equity	equity	NOUN
ftr-312	179	44	or	or	CCONJ
ftr-312	179	45	other	other	ADJ
ftr-312	179	46	financial	financial	ADJ
ftr-312	179	47	acquisition	acquisition	NOUN
ftr-312	179	48	.	.	PUNCT
ftr-312	180	1	a	a	DET
ftr-312	180	2	“	"	PUNCT
ftr-312	180	3	us	us	PROPN
ftr-312	180	4	-	-	PUNCT
ftr-312	180	5	based	base	VERB
ftr-312	180	6	”	"	PUNCT
ftr-312	180	7	firm	firm	NOUN
ftr-312	180	8	has	have	VERB
ftr-312	180	9	a	a	DET
ftr-312	180	10	preponderance	preponderance	NOUN
ftr-312	180	11	of	of	ADP
ftr-312	180	12	ties	tie	NOUN
ftr-312	180	13	to	to	ADP
ftr-312	180	14	the	the	DET
ftr-312	180	15	united	united	PROPN
ftr-312	180	16	states	states	PROPN
ftr-312	180	17	.	.	PUNCT
ftr-312	181	1	in	in	ADP
ftr-312	181	2	the	the	DET
ftr-312	181	3	ipo	ipo	NOUN
ftr-312	181	4	study	study	NOUN
ftr-312	181	5	cited	cite	VERB
ftr-312	181	6	in	in	ADP
ftr-312	181	7	this	this	DET
ftr-312	181	8	article	article	NOUN
ftr-312	181	9	,	,	PUNCT
ftr-312	181	10	my	my	PRON
ftr-312	181	11	co	co	NOUN
ftr-312	181	12	-	-	NOUN
ftr-312	181	13	author	author	NOUN
ftr-312	181	14	eric	eric	PROPN
ftr-312	181	15	allen	allen	PROPN
ftr-312	181	16	and	and	CCONJ
ftr-312	181	17	i	i	PRON
ftr-312	181	18	used	use	VERB
ftr-312	181	19	a	a	DET
ftr-312	181	20	definition	definition	NOUN
ftr-312	181	21	of	of	ADP
ftr-312	181	22	more	more	ADJ
ftr-312	181	23	than	than	ADP
ftr-312	181	24	50	50	NUM
ftr-312	181	25	percent	percent	NOUN
ftr-312	181	26	us	us	PROPN
ftr-312	181	27	revenue	revenue	NOUN
ftr-312	181	28	,	,	PUNCT
ftr-312	181	29	employees	employee	NOUN
ftr-312	181	30	,	,	PUNCT
ftr-312	181	31	or	or	CCONJ
ftr-312	181	32	identified	identify	VERB
ftr-312	181	33	real	real	ADJ
ftr-312	181	34	property	property	NOUN
ftr-312	181	35	to	to	PART
ftr-312	181	36	identify	identify	VERB
ftr-312	181	37	us	we	PRON
ftr-312	181	38	-	-	PUNCT
ftr-312	181	39	headquartered	headquarter	VERB
ftr-312	181	40	firms.33	firms.33	NOUN
ftr-312	181	41	some	some	PRON
ftr-312	181	42	of	of	ADP
ftr-312	181	43	the	the	DET
ftr-312	181	44	material	material	NOUN
ftr-312	181	45	presented	present	VERB
ftr-312	181	46	in	in	ADP
ftr-312	181	47	this	this	DET
ftr-312	181	48	article	article	NOUN
ftr-312	181	49	,	,	PUNCT
ftr-312	181	50	including	include	VERB
ftr-312	181	51	the	the	DET
ftr-312	181	52	informal	informal	ADJ
ftr-312	181	53	interviews	interview	NOUN
ftr-312	181	54	,	,	PUNCT
ftr-312	181	55	draws	draw	VERB
ftr-312	181	56	heavily	heavily	ADV
ftr-312	181	57	from	from	ADP
ftr-312	181	58	venture	venture	NOUN
ftr-312	181	59	capital	capital	NOUN
ftr-312	181	60	experience	experience	NOUN
ftr-312	181	61	,	,	PUNCT
ftr-312	181	62	although	although	SCONJ
ftr-312	181	63	the	the	DET
ftr-312	181	64	definition	definition	NOUN
ftr-312	181	65	of	of	ADP
ftr-312	181	66	“	"	PUNCT
ftr-312	181	67	startup	startup	NOUN
ftr-312	181	68	”	"	PUNCT
ftr-312	181	69	used	use	VERB
ftr-312	181	70	here	here	ADV
ftr-312	181	71	is	be	AUX
ftr-312	181	72	not	not	PART
ftr-312	181	73	limited	limit	VERB
ftr-312	181	74	to	to	ADP
ftr-312	181	75	venture	venture	NOUN
ftr-312	181	76	-	-	PUNCT
ftr-312	181	77	backed	back	VERB
ftr-312	181	78	firms	firm	NOUN
ftr-312	181	79	.	.	PUNCT
ftr-312	182	1	other	other	ADJ
ftr-312	182	2	sources	source	NOUN
ftr-312	182	3	of	of	ADP
ftr-312	182	4	initial	initial	ADJ
ftr-312	182	5	outside	outside	ADJ
ftr-312	182	6	capital	capital	NOUN
ftr-312	182	7	could	could	AUX
ftr-312	182	8	include	include	VERB
ftr-312	182	9	individuals	individual	NOUN
ftr-312	182	10	,	,	PUNCT
ftr-312	182	11	corporations	corporation	NOUN
ftr-312	182	12	,	,	PUNCT
ftr-312	182	13	governments	government	NOUN
ftr-312	182	14	,	,	PUNCT
ftr-312	182	15	or	or	CCONJ
ftr-312	182	16	investment	investment	NOUN
ftr-312	182	17	groups	group	NOUN
ftr-312	182	18	other	other	ADJ
ftr-312	182	19	than	than	ADP
ftr-312	182	20	venture	venture	NOUN
ftr-312	182	21	capital	capital	NOUN
ftr-312	182	22	firms	firm	NOUN
ftr-312	182	23	.	.	PUNCT
ftr-312	183	1	the	the	DET
ftr-312	183	2	availability	availability	NOUN
ftr-312	183	3	of	of	ADP
ftr-312	183	4	data	datum	NOUN
ftr-312	183	5	and	and	CCONJ
ftr-312	183	6	prior	prior	ADJ
ftr-312	183	7	work	work	NOUN
ftr-312	183	8	constitutes	constitute	VERB
ftr-312	183	9	one	one	NUM
ftr-312	183	10	reason	reason	NOUN
ftr-312	183	11	for	for	ADP
ftr-312	183	12	the	the	DET
ftr-312	183	13	focus	focus	NOUN
ftr-312	183	14	on	on	ADP
ftr-312	183	15	venture	venture	NOUN
ftr-312	183	16	capital	capital	NOUN
ftr-312	183	17	experience	experience	NOUN
ftr-312	183	18	.	.	PUNCT
ftr-312	184	1	in	in	ADP
ftr-312	184	2	addition	addition	NOUN
ftr-312	184	3	,	,	PUNCT
ftr-312	184	4	many	many	ADJ
ftr-312	184	5	venture	venture	NOUN
ftr-312	184	6	-	-	PUNCT
ftr-312	184	7	backed	back	VERB
ftr-312	184	8	portfolio	portfolio	NOUN
ftr-312	184	9	companies	company	NOUN
ftr-312	184	10	happen	happen	VERB
ftr-312	184	11	to	to	PART
ftr-312	184	12	fall	fall	VERB
ftr-312	184	13	within	within	ADP
ftr-312	184	14	the	the	DET
ftr-312	184	15	startup	startup	NOUN
ftr-312	184	16	definition	definition	NOUN
ftr-312	184	17	adopted	adopt	VERB
ftr-312	184	18	for	for	ADP
ftr-312	184	19	purposes	purpose	NOUN
ftr-312	184	20	of	of	ADP
ftr-312	184	21	this	this	DET
ftr-312	184	22	article	article	NOUN
ftr-312	184	23	,	,	PUNCT
ftr-312	184	24	since	since	SCONJ
ftr-312	184	25	such	such	ADJ
ftr-312	184	26	companies	company	NOUN
ftr-312	184	27	often	often	ADV
ftr-312	184	28	have	have	AUX
ftr-312	184	29	or	or	CCONJ
ftr-312	184	30	expect	expect	VERB
ftr-312	184	31	to	to	PART
ftr-312	184	32	develop	develop	VERB
ftr-312	184	33	global	global	ADJ
ftr-312	184	34	components	component	NOUN
ftr-312	184	35	in	in	ADP
ftr-312	184	36	their	their	PRON
ftr-312	184	37	respective	respective	ADJ
ftr-312	184	38	business	business	NOUN
ftr-312	184	39	plans	plan	NOUN
ftr-312	184	40	.	.	PUNCT
ftr-312	185	1	prior	prior	ADJ
ftr-312	185	2	work	work	NOUN
ftr-312	185	3	that	that	PRON
ftr-312	185	4	investigates	investigate	VERB
ftr-312	185	5	the	the	DET
ftr-312	185	6	choice	choice	NOUN
ftr-312	185	7	of	of	ADP
ftr-312	185	8	organizational	organizational	ADJ
ftr-312	185	9	form	form	NOUN
ftr-312	185	10	by	by	ADP
ftr-312	185	11	usbased	usbased	ADJ
ftr-312	185	12	startups	startup	NOUN
ftr-312	185	13	backed	back	VERB
ftr-312	185	14	by	by	ADP
ftr-312	185	15	us	us	PROPN
ftr-312	185	16	venture	venture	NOUN
ftr-312	185	17	firms	firm	NOUN
ftr-312	185	18	observes	observe	VERB
ftr-312	185	19	that	that	SCONJ
ftr-312	185	20	us	us	PROPN
ftr-312	185	21	incorporation	incorporation	NOUN
ftr-312	185	22	,	,	PUNCT
ftr-312	185	23	particularly	particularly	ADV
ftr-312	185	24	delaware	delaware	PROPN
ftr-312	185	25	incorporation	incorporation	NOUN
ftr-312	185	26	,	,	PUNCT
ftr-312	185	27	is	be	AUX
ftr-312	185	28	the	the	DET
ftr-312	185	29	market	market	NOUN
ftr-312	185	30	norm.34	norm.34	NOUN
ftr-312	185	31	venture	venture	NOUN
ftr-312	185	32	capital	capital	NOUN
ftr-312	185	33	32	32	NUM
ftr-312	185	34	.	.	PUNCT
ftr-312	186	1	see	see	VERB
ftr-312	186	2	jim	jim	PROPN
ftr-312	186	3	a.	a.	PROPN
ftr-312	186	4	seida	seida	PROPN
ftr-312	186	5	&	&	CCONJ
ftr-312	186	6	william	william	PROPN
ftr-312	186	7	f.	f.	PROPN
ftr-312	186	8	wempe	wempe	PROPN
ftr-312	186	9	,	,	PUNCT
ftr-312	186	10	effective	effective	ADJ
ftr-312	186	11	tax	tax	NOUN
ftr-312	186	12	rate	rate	NOUN
ftr-312	186	13	changes	change	NOUN
ftr-312	186	14	and	and	CCONJ
ftr-312	186	15	earnings	earning	NOUN
ftr-312	186	16	stripping	strip	VERB
ftr-312	186	17	following	follow	VERB
ftr-312	186	18	corporate	corporate	ADJ
ftr-312	186	19	inversions	inversion	NOUN
ftr-312	186	20	,	,	PUNCT
ftr-312	186	21	57	57	NUM
ftr-312	186	22	nat’l	nat’l	NOUN
ftr-312	186	23	tax	tax	NOUN
ftr-312	186	24	j.	j.	PROPN
ftr-312	186	25	805	805	PROPN
ftr-312	186	26	,	,	PUNCT
ftr-312	186	27	825	825	NUM
ftr-312	186	28	(	(	PUNCT
ftr-312	186	29	2004	2004	NUM
ftr-312	186	30	)	)	PUNCT
ftr-312	186	31	(	(	PUNCT
ftr-312	186	32	finding	find	VERB
ftr-312	186	33	an	an	DET
ftr-312	186	34	11.6	11.6	NUM
ftr-312	186	35	percentage	percentage	NOUN
ftr-312	186	36	point	point	NOUN
ftr-312	186	37	post	post	ADJ
ftr-312	186	38	-	-	ADJ
ftr-312	186	39	inversion	inversion	ADJ
ftr-312	186	40	tax	tax	NOUN
ftr-312	186	41	rate	rate	NOUN
ftr-312	186	42	reduction	reduction	NOUN
ftr-312	186	43	)	)	PUNCT
ftr-312	186	44	.	.	PUNCT
ftr-312	187	1	33	33	NUM
ftr-312	187	2	.	.	PUNCT
ftr-312	188	1	see	see	VERB
ftr-312	188	2	allen	allen	PROPN
ftr-312	188	3	&	&	CCONJ
ftr-312	188	4	morse	morse	PROPN
ftr-312	188	5	,	,	PUNCT
ftr-312	188	6	tax	tax	NOUN
ftr-312	188	7	-	-	PUNCT
ftr-312	188	8	haven	haven	NOUN
ftr-312	188	9	incorporation	incorporation	NOUN
ftr-312	188	10	for	for	ADP
ftr-312	188	11	u.s.-headquartered	u.s.-headquartered	ADJ
ftr-312	188	12	firms	firm	NOUN
ftr-312	188	13	,	,	PUNCT
ftr-312	188	14	supra	supra	PROPN
ftr-312	188	15	note	note	NOUN
ftr-312	188	16	3	3	NUM
ftr-312	188	17	,	,	PUNCT
ftr-312	188	18	at	at	ADP
ftr-312	188	19	403	403	NUM
ftr-312	188	20	.	.	PUNCT
ftr-312	189	1	this	this	DET
ftr-312	189	2	article	article	NOUN
ftr-312	189	3	does	do	AUX
ftr-312	189	4	not	not	PART
ftr-312	189	5	consider	consider	VERB
ftr-312	189	6	inversion	inversion	NOUN
ftr-312	189	7	transactions	transaction	NOUN
ftr-312	189	8	undertaken	undertake	VERB
ftr-312	189	9	by	by	ADP
ftr-312	189	10	mature	mature	ADJ
ftr-312	189	11	firms	firm	NOUN
ftr-312	189	12	,	,	PUNCT
ftr-312	189	13	including	include	VERB
ftr-312	189	14	transactions	transaction	NOUN
ftr-312	189	15	prior	prior	ADV
ftr-312	189	16	to	to	ADP
ftr-312	189	17	or	or	CCONJ
ftr-312	189	18	after	after	ADP
ftr-312	189	19	the	the	DET
ftr-312	189	20	2004	2004	NUM
ftr-312	189	21	passage	passage	NOUN
ftr-312	189	22	of	of	ADP
ftr-312	189	23	anti	anti	ADJ
ftr-312	189	24	-	-	ADJ
ftr-312	189	25	inversion	inversion	ADJ
ftr-312	189	26	legislation	legislation	NOUN
ftr-312	189	27	and	and	CCONJ
ftr-312	189	28	transactions	transaction	NOUN
ftr-312	189	29	in	in	ADP
ftr-312	189	30	connection	connection	NOUN
ftr-312	189	31	with	with	ADP
ftr-312	189	32	a	a	DET
ftr-312	189	33	cross	cross	ADJ
ftr-312	189	34	-	-	ADJ
ftr-312	189	35	border	border	ADJ
ftr-312	189	36	acquisition	acquisition	NOUN
ftr-312	189	37	.	.	PUNCT
ftr-312	190	1	compare	compare	PROPN
ftr-312	190	2	,	,	PUNCT
ftr-312	190	3	e.g.	e.g.	ADV
ftr-312	190	4	,	,	PUNCT
ftr-312	190	5	wells	well	NOUN
ftr-312	190	6	,	,	PUNCT
ftr-312	190	7	ca	can	AUX
ftr-312	190	8	nt	not	PART
ftr-312	190	9	and	and	CCONJ
ftr-312	190	10	the	the	DET
ftr-312	190	11	inconvenient	inconvenient	ADJ
ftr-312	190	12	truth	truth	NOUN
ftr-312	190	13	about	about	ADP
ftr-312	190	14	corporate	corporate	ADJ
ftr-312	190	15	inversions	inversion	NOUN
ftr-312	190	16	,	,	PUNCT
ftr-312	190	17	supra	supra	NOUN
ftr-312	190	18	note	note	NOUN
ftr-312	190	19	20	20	NUM
ftr-312	190	20	.	.	PUNCT
ftr-312	191	1	34	34	NUM
ftr-312	191	2	.	.	PUNCT
ftr-312	192	1	see	see	VERB
ftr-312	192	2	,	,	PUNCT
ftr-312	192	3	e.g.	e.g.	ADV
ftr-312	192	4	,	,	PUNCT
ftr-312	192	5	bankman	bankman	NOUN
ftr-312	192	6	,	,	PUNCT
ftr-312	192	7	the	the	DET
ftr-312	192	8	structure	structure	NOUN
ftr-312	192	9	of	of	ADP
ftr-312	192	10	silicon	silicon	PROPN
ftr-312	192	11	valley	valley	PROPN
ftr-312	192	12	start	start	NOUN
ftr-312	192	13	-	-	PUNCT
ftr-312	192	14	ups	up	NOUN
ftr-312	192	15	,	,	PUNCT
ftr-312	192	16	supra	supra	PROPN
ftr-312	192	17	note	note	NOUN
ftr-312	192	18	4	4	NUM
ftr-312	192	19	,	,	PUNCT
ftr-312	192	20	at	at	ADP
ftr-312	192	21	1739–40	1739–40	NUM
ftr-312	192	22	(	(	PUNCT
ftr-312	192	23	“	"	PUNCT
ftr-312	192	24	in	in	ADP
ftr-312	192	25	almost	almost	ADV
ftr-312	192	26	all	all	DET
ftr-312	192	27	cases	case	NOUN
ftr-312	192	28	,	,	PUNCT
ftr-312	192	29	the	the	DET
ftr-312	192	30	[	[	X
ftr-312	192	31	portfolio	portfolio	NOUN
ftr-312	192	32	firm	firm	NOUN
ftr-312	192	33	]	]	PUNCT
ftr-312	192	34	will	will	AUX
ftr-312	192	35	be	be	AUX
ftr-312	192	36	structured	structure	VERB
ftr-312	192	37	as	as	ADP
ftr-312	192	38	a	a	DET
ftr-312	192	39	corporation	corporation	NOUN
ftr-312	192	40	.	.	PUNCT
ftr-312	192	41	”	"	PUNCT
ftr-312	192	42	)	)	PUNCT
ftr-312	192	43	;	;	PUNCT
ftr-312	193	1	johnson	johnson	PROPN
ftr-312	193	2	,	,	PUNCT
ftr-312	193	3	why	why	SCONJ
ftr-312	193	4	do	do	AUX
ftr-312	193	5	venture	venture	NOUN
ftr-312	193	6	capital	capital	NOUN
ftr-312	193	7	funds	fund	NOUN
ftr-312	193	8	burn	burn	VERB
ftr-312	193	9	research	research	NOUN
ftr-312	193	10	and	and	CCONJ
ftr-312	193	11	development	development	NOUN
ftr-312	193	12	deductions	deduction	NOUN
ftr-312	193	13	,	,	PUNCT
ftr-312	193	14	supra	supra	PROPN
ftr-312	193	15	note	note	NOUN
ftr-312	193	16	4	4	NUM
ftr-312	193	17	,	,	PUNCT
ftr-312	193	18	at	at	ADP
ftr-312	193	19	50–51	50–51	NUM
ftr-312	193	20	(	(	PUNCT
ftr-312	193	21	noting	note	VERB
ftr-312	193	22	that	that	SCONJ
ftr-312	193	23	corporate	corporate	ADJ
ftr-312	193	24	investors	investor	NOUN
ftr-312	193	25	,	,	PUNCT
ftr-312	193	26	which	which	PRON
ftr-312	193	27	could	could	AUX
ftr-312	193	28	use	use	VERB
ftr-312	193	29	losses	loss	NOUN
ftr-312	193	30	if	if	SCONJ
ftr-312	193	31	a	a	DET
ftr-312	193	32	startup	startup	NOUN
ftr-312	193	33	firm	firm	NOUN
ftr-312	193	34	had	have	VERB
ftr-312	193	35	a	a	DET
ftr-312	193	36	pass	pass	VERB
ftr-312	193	37	-	-	PUNCT
ftr-312	193	38	through	through	ADP
ftr-312	193	39	structure	structure	NOUN
ftr-312	193	40	,	,	PUNCT
ftr-312	193	41	generally	generally	ADV
ftr-312	193	42	do	do	VERB
ftr-312	193	43	330	330	NUM
ftr-312	193	44	florida	florida	PROPN
ftr-312	193	45	tax	tax	NOUN
ftr-312	193	46	review	review	NOUN
ftr-312	193	47	[	[	X
ftr-312	193	48	vol	vol	NOUN
ftr-312	193	49	.	.	PUNCT
ftr-312	194	1	14:8	14:8	NUM
ftr-312	194	2	investments	investment	NOUN
ftr-312	194	3	generally	generally	ADV
ftr-312	194	4	use	use	VERB
ftr-312	194	5	standard	standard	ADJ
ftr-312	194	6	contract	contract	NOUN
ftr-312	194	7	structures	structure	NOUN
ftr-312	194	8	,	,	PUNCT
ftr-312	194	9	including	include	VERB
ftr-312	194	10	a	a	DET
ftr-312	194	11	c	c	NOUN
ftr-312	194	12	corporation	corporation	NOUN
ftr-312	194	13	organizational	organizational	ADJ
ftr-312	194	14	form	form	NOUN
ftr-312	194	15	and	and	CCONJ
ftr-312	194	16	a	a	DET
ftr-312	194	17	capital	capital	NOUN
ftr-312	194	18	structure	structure	NOUN
ftr-312	194	19	featuring	feature	VERB
ftr-312	194	20	preferred	preferred	ADJ
ftr-312	194	21	and	and	CCONJ
ftr-312	194	22	common	common	ADJ
ftr-312	194	23	stock.35	stock.35	NOUN
ftr-312	194	24	lawyers	lawyer	NOUN
ftr-312	194	25	maintain	maintain	VERB
ftr-312	194	26	these	these	DET
ftr-312	194	27	contract	contract	NOUN
ftr-312	194	28	structures	structure	NOUN
ftr-312	194	29	and	and	CCONJ
ftr-312	194	30	influence	influence	VERB
ftr-312	194	31	them	they	PRON
ftr-312	194	32	,	,	PUNCT
ftr-312	194	33	just	just	ADV
ftr-312	194	34	as	as	SCONJ
ftr-312	194	35	lawyers	lawyer	NOUN
ftr-312	194	36	have	have	AUX
ftr-312	194	37	been	be	AUX
ftr-312	194	38	shown	show	VERB
ftr-312	194	39	to	to	PART
ftr-312	194	40	significantly	significantly	ADV
ftr-312	194	41	affect	affect	VERB
ftr-312	194	42	a	a	DET
ftr-312	194	43	new	new	ADJ
ftr-312	194	44	corporation	corporation	NOUN
ftr-312	194	45	’s	’s	PART
ftr-312	194	46	choice	choice	NOUN
ftr-312	194	47	of	of	ADP
ftr-312	194	48	domicile36	domicile36	NOUN
ftr-312	194	49	and	and	CCONJ
ftr-312	194	50	client	client	NOUN
ftr-312	194	51	firms	firm	NOUN
ftr-312	194	52	’	’	PART
ftr-312	194	53	choice	choice	NOUN
ftr-312	194	54	of	of	ADP
ftr-312	194	55	takeover	takeover	NOUN
ftr-312	194	56	defenses	defense	NOUN
ftr-312	194	57	or	or	CCONJ
ftr-312	194	58	other	other	ADJ
ftr-312	194	59	structures	structure	NOUN
ftr-312	194	60	over	over	ADP
ftr-312	194	61	time.37	time.37	VERB
ftr-312	194	62	several	several	ADJ
ftr-312	194	63	interviews	interview	NOUN
ftr-312	194	64	reported	report	VERB
ftr-312	194	65	here	here	ADV
ftr-312	194	66	support	support	NOUN
ftr-312	194	67	and	and	CCONJ
ftr-312	194	68	add	add	VERB
ftr-312	194	69	color	color	NOUN
ftr-312	194	70	to	to	ADP
ftr-312	194	71	the	the	DET
ftr-312	194	72	observation	observation	NOUN
ftr-312	194	73	that	that	SCONJ
ftr-312	194	74	that	that	SCONJ
ftr-312	194	75	us	us	PROPN
ftr-312	194	76	incorporation	incorporation	NOUN
ftr-312	194	77	is	be	AUX
ftr-312	194	78	the	the	DET
ftr-312	194	79	norm	norm	NOUN
ftr-312	194	80	for	for	ADP
ftr-312	194	81	us	we	PRON
ftr-312	194	82	-	-	PUNCT
ftr-312	194	83	based	base	VERB
ftr-312	194	84	startups.38	startups.38	PROPN
ftr-312	194	85	one	one	NUM
ftr-312	194	86	law	law	NOUN
ftr-312	194	87	firm	firm	NOUN
ftr-312	194	88	partner	partner	NOUN
ftr-312	194	89	said	say	VERB
ftr-312	194	90	that	that	SCONJ
ftr-312	194	91	“	"	PUNCT
ftr-312	194	92	9.5	9.5	NUM
ftr-312	194	93	out	out	ADP
ftr-312	194	94	of	of	ADP
ftr-312	194	95	10	10	NUM
ftr-312	194	96	”	"	PUNCT
ftr-312	194	97	startups	startup	NOUN
ftr-312	194	98	used	use	VERB
ftr-312	194	99	a	a	DET
ftr-312	194	100	delaware	delaware	PROPN
ftr-312	194	101	corporation;39	corporation;39	NOUN
ftr-312	194	102	the	the	DET
ftr-312	194	103	others	other	NOUN
ftr-312	194	104	used	use	VERB
ftr-312	194	105	limited	limited	ADJ
ftr-312	194	106	liability	liability	NOUN
ftr-312	194	107	company	company	NOUN
ftr-312	194	108	(	(	PUNCT
ftr-312	194	109	llc	llc	PROPN
ftr-312	194	110	)	)	PUNCT
ftr-312	194	111	or	or	CCONJ
ftr-312	194	112	california	california	PROPN
ftr-312	194	113	corporation	corporation	NOUN
ftr-312	194	114	structures	structure	NOUN
ftr-312	194	115	.	.	PUNCT
ftr-312	195	1	another	another	PRON
ftr-312	195	2	said	say	VERB
ftr-312	195	3	that	that	SCONJ
ftr-312	195	4	“	"	PUNCT
ftr-312	195	5	most	most	ADJ
ftr-312	195	6	vcs	vcs	PROPN
ftr-312	195	7	do	do	AUX
ftr-312	195	8	n’t	not	PART
ftr-312	195	9	want	want	VERB
ftr-312	195	10	to	to	PART
ftr-312	195	11	invest	invest	VERB
ftr-312	195	12	except	except	SCONJ
ftr-312	195	13	into	into	ADP
ftr-312	195	14	a	a	DET
ftr-312	195	15	delaware	delaware	PROPN
ftr-312	195	16	corporation	corporation	NOUN
ftr-312	195	17	.	.	PUNCT
ftr-312	196	1	”40	”40	PROPN
ftr-312	196	2	entrepreneurs	entrepreneur	NOUN
ftr-312	196	3	agreed	agree	VERB
ftr-312	196	4	.	.	PUNCT
ftr-312	197	1	one	one	NUM
ftr-312	197	2	characterized	characterize	VERB
ftr-312	197	3	the	the	DET
ftr-312	197	4	vc	vc	NOUN
ftr-312	197	5	expectation	expectation	NOUN
ftr-312	197	6	of	of	ADP
ftr-312	197	7	delaware	delaware	PROPN
ftr-312	197	8	corporate	corporate	PROPN
ftr-312	197	9	organization	organization	NOUN
ftr-312	197	10	as	as	ADP
ftr-312	197	11	“	"	PUNCT
ftr-312	197	12	cookie	cookie	NOUN
ftr-312	197	13	-	-	PUNCT
ftr-312	197	14	cutter	cutter	NOUN
ftr-312	197	15	.	.	PUNCT
ftr-312	198	1	”41	”41	VERB
ftr-312	198	2	another	another	DET
ftr-312	198	3	entrepreneur	entrepreneur	NOUN
ftr-312	198	4	reported	report	VERB
ftr-312	198	5	that	that	SCONJ
ftr-312	198	6	incorporation	incorporation	NOUN
ftr-312	198	7	was	be	AUX
ftr-312	198	8	an	an	DET
ftr-312	198	9	not	not	PART
ftr-312	198	10	invest	invest	VERB
ftr-312	198	11	in	in	ADP
ftr-312	198	12	venture	venture	NOUN
ftr-312	198	13	capital	capital	NOUN
ftr-312	198	14	funds	fund	NOUN
ftr-312	198	15	)	)	PUNCT
ftr-312	198	16	;	;	PUNCT
ftr-312	198	17	allen	allen	PROPN
ftr-312	198	18	&	&	CCONJ
ftr-312	198	19	raghavan	raghavan	PROPN
ftr-312	198	20	,	,	PUNCT
ftr-312	198	21	the	the	DET
ftr-312	198	22	impact	impact	NOUN
ftr-312	198	23	of	of	ADP
ftr-312	198	24	non	non	ADJ
ftr-312	198	25	-	-	ADJ
ftr-312	198	26	tax	tax	ADJ
ftr-312	198	27	costs	cost	NOUN
ftr-312	198	28	on	on	ADP
ftr-312	198	29	tax	tax	NOUN
ftr-312	198	30	-	-	PUNCT
ftr-312	198	31	efficiency	efficiency	NOUN
ftr-312	198	32	,	,	PUNCT
ftr-312	198	33	supra	supra	PROPN
ftr-312	198	34	note	note	NOUN
ftr-312	198	35	4	4	NUM
ftr-312	198	36	,	,	PUNCT
ftr-312	198	37	at	at	ADP
ftr-312	198	38	39	39	NUM
ftr-312	198	39	(	(	PUNCT
ftr-312	198	40	finding	find	VERB
ftr-312	198	41	that	that	SCONJ
ftr-312	198	42	only	only	ADV
ftr-312	198	43	seventeen	seventeen	NUM
ftr-312	198	44	out	out	ADP
ftr-312	198	45	of	of	ADP
ftr-312	198	46	995	995	NUM
ftr-312	198	47	firms	firm	NOUN
ftr-312	198	48	in	in	ADP
ftr-312	198	49	a	a	DET
ftr-312	198	50	sample	sample	NOUN
ftr-312	198	51	of	of	ADP
ftr-312	198	52	venture	venture	NOUN
ftr-312	198	53	-	-	PUNCT
ftr-312	198	54	backed	back	VERB
ftr-312	198	55	ipo	ipo	NOUN
ftr-312	198	56	firms	firm	NOUN
ftr-312	198	57	from	from	ADP
ftr-312	198	58	1996	1996	NUM
ftr-312	198	59	-	-	SYM
ftr-312	198	60	2008	2008	NUM
ftr-312	198	61	had	have	VERB
ftr-312	198	62	llc	llc	PROPN
ftr-312	198	63	status	status	NOUN
ftr-312	198	64	at	at	ADP
ftr-312	198	65	the	the	DET
ftr-312	198	66	time	time	NOUN
ftr-312	198	67	of	of	ADP
ftr-312	198	68	ipo	ipo	NOUN
ftr-312	198	69	)	)	PUNCT
ftr-312	198	70	.	.	PUNCT
ftr-312	199	1	35	35	NUM
ftr-312	199	2	.	.	PUNCT
ftr-312	200	1	convertible	convertible	ADJ
ftr-312	200	2	preferred	preferred	ADJ
ftr-312	200	3	stock	stock	NOUN
ftr-312	200	4	provides	provide	VERB
ftr-312	200	5	an	an	DET
ftr-312	200	6	attractive	attractive	ADJ
ftr-312	200	7	tradeoff	tradeoff	NOUN
ftr-312	200	8	between	between	ADP
ftr-312	200	9	venture	venture	NOUN
ftr-312	200	10	capitalists	capitalist	NOUN
ftr-312	200	11	’	'	PUNCT
ftr-312	200	12	goal	goal	NOUN
ftr-312	200	13	of	of	ADP
ftr-312	200	14	claiming	claim	VERB
ftr-312	200	15	a	a	DET
ftr-312	200	16	control	control	NOUN
ftr-312	200	17	stake	stake	NOUN
ftr-312	200	18	in	in	ADP
ftr-312	200	19	a	a	DET
ftr-312	200	20	portfolio	portfolio	NOUN
ftr-312	200	21	company	company	NOUN
ftr-312	200	22	and	and	CCONJ
ftr-312	200	23	their	their	PRON
ftr-312	200	24	goal	goal	NOUN
ftr-312	200	25	of	of	ADP
ftr-312	200	26	accessing	access	VERB
ftr-312	200	27	maximum	maximum	ADJ
ftr-312	200	28	returns	return	NOUN
ftr-312	200	29	on	on	ADP
ftr-312	200	30	their	their	PRON
ftr-312	200	31	investment	investment	NOUN
ftr-312	200	32	,	,	PUNCT
ftr-312	200	33	for	for	ADP
ftr-312	200	34	example	example	NOUN
ftr-312	200	35	in	in	ADP
ftr-312	200	36	the	the	DET
ftr-312	200	37	event	event	NOUN
ftr-312	200	38	of	of	ADP
ftr-312	200	39	an	an	DET
ftr-312	200	40	ipo	ipo	NOUN
ftr-312	200	41	.	.	PUNCT
ftr-312	201	1	the	the	DET
ftr-312	201	2	use	use	NOUN
ftr-312	201	3	of	of	ADP
ftr-312	201	4	preferred	preferred	ADJ
ftr-312	201	5	stock	stock	NOUN
ftr-312	201	6	also	also	ADV
ftr-312	201	7	permits	permit	VERB
ftr-312	201	8	the	the	DET
ftr-312	201	9	use	use	NOUN
ftr-312	201	10	of	of	ADP
ftr-312	201	11	tax	tax	NOUN
ftr-312	201	12	-	-	PUNCT
ftr-312	201	13	advantaged	advantage	VERB
ftr-312	201	14	equity	equity	NOUN
ftr-312	201	15	compensation	compensation	NOUN
ftr-312	201	16	strategies	strategy	NOUN
ftr-312	201	17	for	for	ADP
ftr-312	201	18	portfolio	portfolio	NOUN
ftr-312	201	19	company	company	NOUN
ftr-312	201	20	employees	employee	NOUN
ftr-312	201	21	.	.	PUNCT
ftr-312	202	1	see	see	VERB
ftr-312	202	2	ronald	ronald	PROPN
ftr-312	202	3	j.	j.	PROPN
ftr-312	202	4	gilson	gilson	PROPN
ftr-312	202	5	,	,	PUNCT
ftr-312	202	6	engineering	engineer	VERB
ftr-312	202	7	a	a	DET
ftr-312	202	8	venture	venture	NOUN
ftr-312	202	9	capital	capital	NOUN
ftr-312	202	10	market	market	NOUN
ftr-312	202	11	:	:	PUNCT
ftr-312	202	12	lessons	lesson	NOUN
ftr-312	202	13	from	from	ADP
ftr-312	202	14	the	the	DET
ftr-312	202	15	american	american	ADJ
ftr-312	202	16	experience	experience	NOUN
ftr-312	202	17	,	,	PUNCT
ftr-312	202	18	55	55	NUM
ftr-312	202	19	stan	stan	NOUN
ftr-312	202	20	.	.	PUNCT
ftr-312	203	1	l.	l.	PROPN
ftr-312	203	2	rev	rev	PROPN
ftr-312	203	3	.	.	PROPN
ftr-312	203	4	1067	1067	NUM
ftr-312	203	5	(	(	PUNCT
ftr-312	203	6	2003	2003	NUM
ftr-312	203	7	)	)	PUNCT
ftr-312	204	1	[	[	X
ftr-312	204	2	hereinafter	hereinafter	NOUN
ftr-312	204	3	gilson	gilson	NOUN
ftr-312	204	4	,	,	PUNCT
ftr-312	204	5	engineering	engineer	VERB
ftr-312	204	6	a	a	DET
ftr-312	204	7	venture	venture	NOUN
ftr-312	204	8	capital	capital	NOUN
ftr-312	204	9	market	market	NOUN
ftr-312	204	10	]	]	X
ftr-312	204	11	;	;	PUNCT
ftr-312	204	12	ronald	ronald	PROPN
ftr-312	204	13	j.	j.	PROPN
ftr-312	204	14	gilson	gilson	PROPN
ftr-312	204	15	&	&	CCONJ
ftr-312	204	16	david	david	PROPN
ftr-312	204	17	m.	m.	PROPN
ftr-312	204	18	schizer	schizer	PROPN
ftr-312	204	19	,	,	PUNCT
ftr-312	204	20	understanding	understand	VERB
ftr-312	204	21	venture	venture	NOUN
ftr-312	204	22	capital	capital	NOUN
ftr-312	204	23	structure	structure	NOUN
ftr-312	204	24	:	:	PUNCT
ftr-312	204	25	a	a	DET
ftr-312	204	26	tax	tax	NOUN
ftr-312	204	27	explanation	explanation	NOUN
ftr-312	204	28	for	for	ADP
ftr-312	204	29	convertible	convertible	ADJ
ftr-312	204	30	preferred	preferred	ADJ
ftr-312	204	31	stock	stock	NOUN
ftr-312	204	32	,	,	PUNCT
ftr-312	204	33	116	116	NUM
ftr-312	204	34	harv	harv	NOUN
ftr-312	204	35	.	.	PUNCT
ftr-312	205	1	l.	l.	PROPN
ftr-312	205	2	rev	rev	PROPN
ftr-312	205	3	.	.	PROPN
ftr-312	205	4	874	874	NUM
ftr-312	205	5	(	(	PUNCT
ftr-312	205	6	2003	2003	NUM
ftr-312	205	7	)	)	PUNCT
ftr-312	205	8	(	(	PUNCT
ftr-312	205	9	presenting	present	VERB
ftr-312	205	10	tax	tax	NOUN
ftr-312	205	11	explanation	explanation	NOUN
ftr-312	205	12	)	)	PUNCT
ftr-312	205	13	.	.	PUNCT
ftr-312	206	1	36	36	NUM
ftr-312	206	2	.	.	PUNCT
ftr-312	207	1	see	see	VERB
ftr-312	207	2	,	,	PUNCT
ftr-312	207	3	e.g.	e.g.	ADV
ftr-312	207	4	,	,	PUNCT
ftr-312	207	5	robert	robert	PROPN
ftr-312	207	6	daines	daine	NOUN
ftr-312	207	7	,	,	PUNCT
ftr-312	207	8	the	the	DET
ftr-312	207	9	incorporation	incorporation	NOUN
ftr-312	207	10	choices	choice	NOUN
ftr-312	207	11	of	of	ADP
ftr-312	207	12	ipo	ipo	NOUN
ftr-312	207	13	firms	firm	NOUN
ftr-312	207	14	,	,	PUNCT
ftr-312	207	15	77	77	NUM
ftr-312	207	16	n.y.u	n.y.u	NOUN
ftr-312	207	17	.	.	PUNCT
ftr-312	208	1	l.	l.	PROPN
ftr-312	208	2	rev	rev	PROPN
ftr-312	208	3	.	.	PROPN
ftr-312	208	4	1559	1559	NUM
ftr-312	208	5	(	(	PUNCT
ftr-312	208	6	2002	2002	NUM
ftr-312	208	7	)	)	PUNCT
ftr-312	209	1	[	[	X
ftr-312	209	2	hereinafter	hereinafter	NOUN
ftr-312	209	3	daines	daine	NOUN
ftr-312	209	4	,	,	PUNCT
ftr-312	209	5	the	the	DET
ftr-312	209	6	incorporation	incorporation	NOUN
ftr-312	209	7	choices	choice	NOUN
ftr-312	209	8	of	of	ADP
ftr-312	209	9	ipo	ipo	NOUN
ftr-312	209	10	firms	firm	NOUN
ftr-312	209	11	]	]	PUNCT
ftr-312	209	12	.	.	PUNCT
ftr-312	210	1	37	37	NUM
ftr-312	210	2	.	.	PUNCT
ftr-312	210	3	see	see	VERB
ftr-312	210	4	john	john	PROPN
ftr-312	210	5	c.	c.	PROPN
ftr-312	210	6	coates	coates	PROPN
ftr-312	210	7	iv	iv	NUM
ftr-312	210	8	,	,	PUNCT
ftr-312	210	9	explaining	explain	VERB
ftr-312	210	10	variation	variation	NOUN
ftr-312	210	11	in	in	ADP
ftr-312	210	12	takeover	takeover	NOUN
ftr-312	210	13	defenses	defense	NOUN
ftr-312	210	14	:	:	PUNCT
ftr-312	210	15	blame	blame	VERB
ftr-312	210	16	the	the	DET
ftr-312	210	17	lawyers	lawyer	NOUN
ftr-312	210	18	,	,	PUNCT
ftr-312	210	19	89	89	NUM
ftr-312	210	20	cal	cal	NOUN
ftr-312	210	21	.	.	PUNCT
ftr-312	211	1	l.	l.	PROPN
ftr-312	211	2	rev	rev	PROPN
ftr-312	211	3	.	.	PROPN
ftr-312	211	4	1301	1301	NUM
ftr-312	211	5	(	(	PUNCT
ftr-312	211	6	2001	2001	NUM
ftr-312	211	7	)	)	PUNCT
ftr-312	212	1	[	[	X
ftr-312	212	2	hereinafter	hereinafter	NOUN
ftr-312	212	3	coates	coate	NOUN
ftr-312	212	4	,	,	PUNCT
ftr-312	212	5	explaining	explain	VERB
ftr-312	212	6	variation	variation	NOUN
ftr-312	212	7	in	in	ADP
ftr-312	212	8	takeover	takeover	NOUN
ftr-312	212	9	defenses	defense	NOUN
ftr-312	212	10	]	]	PUNCT
ftr-312	212	11	.	.	PUNCT
ftr-312	213	1	see	see	VERB
ftr-312	213	2	also	also	ADV
ftr-312	213	3	victor	victor	PROPN
ftr-312	213	4	fleischer	fleischer	PROPN
ftr-312	213	5	&	&	CCONJ
ftr-312	213	6	nancy	nancy	PROPN
ftr-312	213	7	c.	c.	PROPN
ftr-312	213	8	staudt	staudt	PROPN
ftr-312	213	9	,	,	PUNCT
ftr-312	213	10	the	the	DET
ftr-312	213	11	supercharged	supercharge	VERB
ftr-312	213	12	ipo	ipo	NOUN
ftr-312	213	13	,	,	PUNCT
ftr-312	213	14	67	67	NUM
ftr-312	213	15	vand	vand	NOUN
ftr-312	213	16	.	.	PUNCT
ftr-312	214	1	l.	l.	PROPN
ftr-312	214	2	rev	rev	PROPN
ftr-312	214	3	.	.	PUNCT
ftr-312	215	1	_	_	PUNCT
ftr-312	216	1	_	_	PUNCT
ftr-312	217	1	_	_	PUNCT
ftr-312	218	1	_	_	PUNCT
ftr-312	219	1	[	[	X
ftr-312	219	2	hereinafter	hereinafter	NOUN
ftr-312	219	3	fleischer	fleischer	NOUN
ftr-312	219	4	&	&	CCONJ
ftr-312	219	5	staudt	staudt	PROPN
ftr-312	219	6	,	,	PUNCT
ftr-312	219	7	the	the	DET
ftr-312	219	8	supercharged	supercharge	VERB
ftr-312	219	9	ipo	ipo	NOUN
ftr-312	219	10	]	]	X
ftr-312	219	11	(	(	PUNCT
ftr-312	219	12	forthcoming	forthcoming	ADJ
ftr-312	219	13	2014	2014	NUM
ftr-312	219	14	)	)	PUNCT
ftr-312	219	15	(	(	PUNCT
ftr-312	219	16	presenting	present	VERB
ftr-312	219	17	evidence	evidence	NOUN
ftr-312	219	18	of	of	ADP
ftr-312	219	19	the	the	DET
ftr-312	219	20	impact	impact	NOUN
ftr-312	219	21	of	of	ADP
ftr-312	219	22	professional	professional	ADJ
ftr-312	219	23	networks	network	NOUN
ftr-312	219	24	on	on	ADP
ftr-312	219	25	firms	firm	NOUN
ftr-312	219	26	’	'	PUNCT
ftr-312	219	27	use	use	NOUN
ftr-312	219	28	of	of	ADP
ftr-312	219	29	a	a	DET
ftr-312	219	30	specific	specific	ADJ
ftr-312	219	31	planning	planning	NOUN
ftr-312	219	32	strategy	strategy	NOUN
ftr-312	219	33	)	)	PUNCT
ftr-312	219	34	.	.	PUNCT
ftr-312	220	1	38	38	NUM
ftr-312	220	2	.	.	PUNCT
ftr-312	221	1	consistent	consistent	ADJ
ftr-312	221	2	with	with	ADP
ftr-312	221	3	commitments	commitment	NOUN
ftr-312	221	4	made	make	VERB
ftr-312	221	5	to	to	ADP
ftr-312	221	6	interviewees	interviewee	NOUN
ftr-312	221	7	,	,	PUNCT
ftr-312	221	8	interviews	interview	NOUN
ftr-312	221	9	cited	cite	VERB
ftr-312	221	10	in	in	ADP
ftr-312	221	11	this	this	DET
ftr-312	221	12	article	article	NOUN
ftr-312	221	13	omit	omit	VERB
ftr-312	221	14	identifying	identify	VERB
ftr-312	221	15	details	detail	NOUN
ftr-312	221	16	.	.	PUNCT
ftr-312	222	1	no	no	DET
ftr-312	222	2	person	person	NOUN
ftr-312	222	3	was	be	AUX
ftr-312	222	4	interviewed	interview	VERB
ftr-312	222	5	twice	twice	ADV
ftr-312	222	6	,	,	PUNCT
ftr-312	222	7	and	and	CCONJ
ftr-312	222	8	the	the	DET
ftr-312	222	9	citations	citation	NOUN
ftr-312	222	10	to	to	ADP
ftr-312	222	11	different	different	ADJ
ftr-312	222	12	interviews	interview	NOUN
ftr-312	222	13	therefore	therefore	ADV
ftr-312	222	14	reference	reference	VERB
ftr-312	222	15	conversations	conversation	NOUN
ftr-312	222	16	with	with	ADP
ftr-312	222	17	unique	unique	ADJ
ftr-312	222	18	individuals	individual	NOUN
ftr-312	222	19	.	.	PUNCT
ftr-312	223	1	39	39	NUM
ftr-312	223	2	.	.	PUNCT
ftr-312	224	1	telephone	telephone	NOUN
ftr-312	224	2	interview	interview	NOUN
ftr-312	224	3	with	with	ADP
ftr-312	224	4	san	san	PROPN
ftr-312	224	5	francisco	francisco	PROPN
ftr-312	224	6	law	law	NOUN
ftr-312	224	7	firm	firm	NOUN
ftr-312	224	8	partner	partner	NOUN
ftr-312	224	9	(	(	PUNCT
ftr-312	224	10	jan	jan	PROPN
ftr-312	224	11	.	.	PROPN
ftr-312	224	12	28	28	NUM
ftr-312	224	13	,	,	PUNCT
ftr-312	224	14	2013	2013	NUM
ftr-312	224	15	)	)	PUNCT
ftr-312	224	16	.	.	PUNCT
ftr-312	225	1	40	40	NUM
ftr-312	225	2	.	.	PUNCT
ftr-312	226	1	telephone	telephone	NOUN
ftr-312	226	2	interview	interview	NOUN
ftr-312	226	3	with	with	ADP
ftr-312	226	4	san	san	PROPN
ftr-312	226	5	francisco	francisco	PROPN
ftr-312	226	6	law	law	NOUN
ftr-312	226	7	firm	firm	NOUN
ftr-312	226	8	partner	partner	NOUN
ftr-312	226	9	(	(	PUNCT
ftr-312	226	10	feb	feb	PROPN
ftr-312	226	11	.	.	PROPN
ftr-312	226	12	16	16	NUM
ftr-312	226	13	,	,	PUNCT
ftr-312	226	14	2013	2013	NUM
ftr-312	226	15	)	)	PUNCT
ftr-312	226	16	.	.	PUNCT
ftr-312	227	1	41	41	NUM
ftr-312	227	2	.	.	PUNCT
ftr-312	228	1	telephone	telephone	NOUN
ftr-312	228	2	interview	interview	NOUN
ftr-312	228	3	with	with	ADP
ftr-312	228	4	san	san	PROPN
ftr-312	228	5	francisco	francisco	PROPN
ftr-312	228	6	entrepreneur	entrepreneur	NOUN
ftr-312	228	7	(	(	PUNCT
ftr-312	228	8	feb	feb	PROPN
ftr-312	228	9	.	.	PROPN
ftr-312	228	10	16	16	NUM
ftr-312	228	11	,	,	PUNCT
ftr-312	228	12	2013	2013	NUM
ftr-312	228	13	)	)	PUNCT
ftr-312	228	14	.	.	PUNCT
ftr-312	229	1	2013	2013	NUM
ftr-312	229	2	]	]	PUNCT
ftr-312	229	3	tax	tax	NOUN
ftr-312	229	4	planning	planning	NOUN
ftr-312	229	5	and	and	CCONJ
ftr-312	229	6	initial	initial	ADJ
ftr-312	229	7	incorporation	incorporation	NOUN
ftr-312	229	8	location	location	NOUN
ftr-312	229	9	331	331	NUM
ftr-312	229	10	“	"	PUNCT
ftr-312	229	11	absolute	absolute	ADJ
ftr-312	229	12	requirement	requirement	NOUN
ftr-312	229	13	”	"	PUNCT
ftr-312	229	14	at	at	ADP
ftr-312	229	15	the	the	DET
ftr-312	229	16	time	time	NOUN
ftr-312	229	17	of	of	ADP
ftr-312	229	18	his	his	PRON
ftr-312	229	19	company	company	NOUN
ftr-312	229	20	’s	’s	PART
ftr-312	229	21	first	first	ADJ
ftr-312	229	22	venture	venture	NOUN
ftr-312	229	23	funding	funding	NOUN
ftr-312	229	24	and	and	CCONJ
ftr-312	229	25	that	that	SCONJ
ftr-312	229	26	his	his	PRON
ftr-312	229	27	company	company	NOUN
ftr-312	229	28	reorganized	reorganize	VERB
ftr-312	229	29	from	from	ADP
ftr-312	229	30	an	an	DET
ftr-312	229	31	llc	llc	NOUN
ftr-312	229	32	to	to	ADP
ftr-312	229	33	a	a	DET
ftr-312	229	34	delaware	delaware	PROPN
ftr-312	229	35	corporation	corporation	NOUN
ftr-312	229	36	at	at	ADP
ftr-312	229	37	that	that	DET
ftr-312	229	38	time.42	time.42	NOUN
ftr-312	229	39	and	and	CCONJ
ftr-312	229	40	an	an	DET
ftr-312	229	41	entrepreneur	entrepreneur	NOUN
ftr-312	229	42	who	who	PRON
ftr-312	229	43	had	have	AUX
ftr-312	229	44	organized	organize	VERB
ftr-312	229	45	his	his	PRON
ftr-312	229	46	firm	firm	NOUN
ftr-312	229	47	as	as	ADP
ftr-312	229	48	an	an	DET
ftr-312	229	49	llc	llc	NOUN
ftr-312	229	50	and	and	CCONJ
ftr-312	229	51	who	who	PRON
ftr-312	229	52	was	be	AUX
ftr-312	229	53	fully	fully	ADV
ftr-312	229	54	aware	aware	ADJ
ftr-312	229	55	of	of	ADP
ftr-312	229	56	the	the	DET
ftr-312	229	57	tax	tax	NOUN
ftr-312	229	58	ramifications	ramification	NOUN
ftr-312	229	59	of	of	ADP
ftr-312	229	60	different	different	ADJ
ftr-312	229	61	organizational	organizational	ADJ
ftr-312	229	62	decisions	decision	NOUN
ftr-312	229	63	reported	report	VERB
ftr-312	229	64	that	that	SCONJ
ftr-312	229	65	one	one	NUM
ftr-312	229	66	reason	reason	NOUN
ftr-312	229	67	he	he	PRON
ftr-312	229	68	had	have	AUX
ftr-312	229	69	avoided	avoid	VERB
ftr-312	229	70	venture	venture	NOUN
ftr-312	229	71	funding	funding	NOUN
ftr-312	229	72	was	be	AUX
ftr-312	229	73	to	to	PART
ftr-312	229	74	avoid	avoid	VERB
ftr-312	229	75	“	"	PUNCT
ftr-312	229	76	dogma	dogma	NOUN
ftr-312	229	77	”	"	PUNCT
ftr-312	229	78	including	include	VERB
ftr-312	229	79	the	the	DET
ftr-312	229	80	heuristic	heuristic	NOUN
ftr-312	229	81	of	of	ADP
ftr-312	229	82	delaware	delaware	PROPN
ftr-312	229	83	incorporation.43	incorporation.43	PROPN
ftr-312	229	84	as	as	SCONJ
ftr-312	229	85	discussed	discuss	VERB
ftr-312	229	86	further	far	ADV
ftr-312	229	87	below	below	ADV
ftr-312	229	88	,	,	PUNCT
ftr-312	229	89	vcs	vcs	PROPN
ftr-312	229	90	do	do	AUX
ftr-312	229	91	invest	invest	VERB
ftr-312	229	92	in	in	ADP
ftr-312	229	93	portfolio	portfolio	NOUN
ftr-312	229	94	firms	firm	NOUN
ftr-312	229	95	not	not	PART
ftr-312	229	96	organized	organize	VERB
ftr-312	229	97	as	as	ADP
ftr-312	229	98	delaware	delaware	PROPN
ftr-312	229	99	corporations	corporation	NOUN
ftr-312	229	100	.	.	PUNCT
ftr-312	230	1	nevertheless	nevertheless	ADV
ftr-312	230	2	,	,	PUNCT
ftr-312	230	3	these	these	DET
ftr-312	230	4	comments	comment	NOUN
ftr-312	230	5	reflect	reflect	VERB
ftr-312	230	6	perceptions	perception	NOUN
ftr-312	230	7	of	of	ADP
ftr-312	230	8	an	an	DET
ftr-312	230	9	industry	industry	NOUN
ftr-312	230	10	norm	norm	NOUN
ftr-312	230	11	.	.	PUNCT
ftr-312	231	1	the	the	DET
ftr-312	231	2	choice	choice	NOUN
ftr-312	231	3	of	of	ADP
ftr-312	231	4	delaware	delaware	PROPN
ftr-312	231	5	incorporation	incorporation	NOUN
ftr-312	231	6	involves	involve	VERB
ftr-312	231	7	three	three	NUM
ftr-312	231	8	subsidiary	subsidiary	ADJ
ftr-312	231	9	decisions	decision	NOUN
ftr-312	231	10	.	.	PUNCT
ftr-312	232	1	first	first	ADV
ftr-312	232	2	,	,	PUNCT
ftr-312	232	3	delaware	delaware	PROPN
ftr-312	232	4	incorporation	incorporation	NOUN
ftr-312	232	5	rejects	reject	VERB
ftr-312	232	6	the	the	DET
ftr-312	232	7	alternative	alternative	ADJ
ftr-312	232	8	choice	choice	NOUN
ftr-312	232	9	of	of	ADP
ftr-312	232	10	home	home	NOUN
ftr-312	232	11	-	-	PUNCT
ftr-312	232	12	state	state	NOUN
ftr-312	232	13	,	,	PUNCT
ftr-312	232	14	for	for	ADP
ftr-312	232	15	example	example	NOUN
ftr-312	232	16	california	california	PROPN
ftr-312	232	17	,	,	PUNCT
ftr-312	232	18	organization	organization	NOUN
ftr-312	232	19	.	.	PUNCT
ftr-312	233	1	second	second	ADJ
ftr-312	233	2	,	,	PUNCT
ftr-312	233	3	it	it	PRON
ftr-312	233	4	rejects	reject	VERB
ftr-312	233	5	the	the	DET
ftr-312	233	6	option	option	NOUN
ftr-312	233	7	of	of	ADP
ftr-312	233	8	organizing	organize	VERB
ftr-312	233	9	as	as	ADP
ftr-312	233	10	an	an	DET
ftr-312	233	11	llc	llc	NOUN
ftr-312	233	12	taxed	tax	VERB
ftr-312	233	13	as	as	ADP
ftr-312	233	14	a	a	DET
ftr-312	233	15	flow	flow	NOUN
ftr-312	233	16	-	-	PUNCT
ftr-312	233	17	through	through	NOUN
ftr-312	233	18	for	for	ADP
ftr-312	233	19	us	us	PROPN
ftr-312	233	20	tax	tax	NOUN
ftr-312	233	21	purposes	purpose	NOUN
ftr-312	233	22	.	.	PUNCT
ftr-312	234	1	third	third	ADJ
ftr-312	234	2	,	,	PUNCT
ftr-312	234	3	and	and	CCONJ
ftr-312	234	4	most	most	ADV
ftr-312	234	5	important	important	ADJ
ftr-312	234	6	for	for	ADP
ftr-312	234	7	purposes	purpose	NOUN
ftr-312	234	8	of	of	ADP
ftr-312	234	9	this	this	DET
ftr-312	234	10	article	article	NOUN
ftr-312	234	11	,	,	PUNCT
ftr-312	234	12	it	it	PRON
ftr-312	234	13	rejects	reject	VERB
ftr-312	234	14	the	the	DET
ftr-312	234	15	option	option	NOUN
ftr-312	234	16	of	of	ADP
ftr-312	234	17	incorporating	incorporate	VERB
ftr-312	234	18	outside	outside	ADP
ftr-312	234	19	the	the	DET
ftr-312	234	20	united	united	PROPN
ftr-312	234	21	states	states	PROPN
ftr-312	234	22	.	.	PUNCT
ftr-312	235	1	with	with	ADP
ftr-312	235	2	respect	respect	NOUN
ftr-312	235	3	to	to	ADP
ftr-312	235	4	the	the	DET
ftr-312	235	5	question	question	NOUN
ftr-312	235	6	of	of	ADP
ftr-312	235	7	delaware	delaware	PROPN
ftr-312	235	8	or	or	CCONJ
ftr-312	235	9	home	home	NOUN
ftr-312	235	10	-	-	PUNCT
ftr-312	235	11	state	state	NOUN
ftr-312	235	12	incorporation	incorporation	NOUN
ftr-312	235	13	,	,	PUNCT
ftr-312	235	14	literature	literature	NOUN
ftr-312	235	15	in	in	ADP
ftr-312	235	16	the	the	DET
ftr-312	235	17	corporate	corporate	ADJ
ftr-312	235	18	governance	governance	NOUN
ftr-312	235	19	area	area	NOUN
ftr-312	235	20	demonstrates	demonstrate	VERB
ftr-312	235	21	that	that	SCONJ
ftr-312	235	22	us	we	PRON
ftr-312	235	23	-	-	PUNCT
ftr-312	235	24	based	base	VERB
ftr-312	235	25	firms	firm	NOUN
ftr-312	235	26	(	(	PUNCT
ftr-312	235	27	or	or	CCONJ
ftr-312	235	28	their	their	PRON
ftr-312	235	29	lawyers	lawyer	NOUN
ftr-312	235	30	)	)	PUNCT
ftr-312	235	31	frame	frame	VERB
ftr-312	235	32	the	the	DET
ftr-312	235	33	incorporation	incorporation	NOUN
ftr-312	235	34	location	location	NOUN
ftr-312	235	35	decision	decision	NOUN
ftr-312	235	36	largely	largely	ADV
ftr-312	235	37	as	as	ADP
ftr-312	235	38	a	a	DET
ftr-312	235	39	binary	binary	ADJ
ftr-312	235	40	choice	choice	NOUN
ftr-312	235	41	between	between	ADP
ftr-312	235	42	home	home	NOUN
ftr-312	235	43	-	-	PUNCT
ftr-312	235	44	state	state	NOUN
ftr-312	235	45	and	and	CCONJ
ftr-312	235	46	delaware	delaware	PROPN
ftr-312	235	47	incorporation.44	incorporation.44	PROPN
ftr-312	235	48	cited	cite	VERB
ftr-312	235	49	reasons	reason	NOUN
ftr-312	235	50	for	for	ADP
ftr-312	235	51	delaware	delaware	PROPN
ftr-312	235	52	incorporation	incorporation	NOUN
ftr-312	235	53	include	include	VERB
ftr-312	235	54	the	the	DET
ftr-312	235	55	quality	quality	NOUN
ftr-312	235	56	of	of	ADP
ftr-312	235	57	courts	court	NOUN
ftr-312	235	58	,	,	PUNCT
ftr-312	235	59	the	the	DET
ftr-312	235	60	substance	substance	NOUN
ftr-312	235	61	of	of	ADP
ftr-312	235	62	corporate	corporate	ADJ
ftr-312	235	63	governance	governance	NOUN
ftr-312	235	64	law	law	NOUN
ftr-312	235	65	,	,	PUNCT
ftr-312	235	66	and	and	CCONJ
ftr-312	235	67	the	the	DET
ftr-312	235	68	habits	habit	NOUN
ftr-312	235	69	of	of	ADP
ftr-312	235	70	advisors	advisor	NOUN
ftr-312	235	71	.	.	PUNCT
ftr-312	236	1	with	with	ADP
ftr-312	236	2	respect	respect	NOUN
ftr-312	236	3	to	to	ADP
ftr-312	236	4	the	the	DET
ftr-312	236	5	question	question	NOUN
ftr-312	236	6	of	of	ADP
ftr-312	236	7	organization	organization	NOUN
ftr-312	236	8	as	as	ADP
ftr-312	236	9	an	an	DET
ftr-312	236	10	llc	llc	NOUN
ftr-312	236	11	or	or	CCONJ
ftr-312	236	12	corporation	corporation	NOUN
ftr-312	236	13	,	,	PUNCT
ftr-312	236	14	an	an	DET
ftr-312	236	15	llc	llc	NOUN
ftr-312	236	16	would	would	AUX
ftr-312	236	17	permit	permit	VERB
ftr-312	236	18	investors	investor	NOUN
ftr-312	236	19	to	to	PART
ftr-312	236	20	benefit	benefit	VERB
ftr-312	236	21	from	from	ADP
ftr-312	236	22	one	one	NUM
ftr-312	236	23	layer	layer	NOUN
ftr-312	236	24	of	of	ADP
ftr-312	236	25	tax	tax	NOUN
ftr-312	236	26	rather	rather	ADV
ftr-312	236	27	than	than	ADP
ftr-312	236	28	two	two	NUM
ftr-312	236	29	in	in	ADP
ftr-312	236	30	the	the	DET
ftr-312	236	31	event	event	NOUN
ftr-312	236	32	of	of	ADP
ftr-312	236	33	a	a	DET
ftr-312	236	34	profitable	profitable	ADJ
ftr-312	236	35	startup	startup	NOUN
ftr-312	236	36	,	,	PUNCT
ftr-312	236	37	or	or	CCONJ
ftr-312	236	38	to	to	PART
ftr-312	236	39	use	use	VERB
ftr-312	236	40	the	the	DET
ftr-312	236	41	passedthrough	passedthrough	NOUN
ftr-312	236	42	losses	loss	NOUN
ftr-312	236	43	more	more	ADV
ftr-312	236	44	often	often	ADV
ftr-312	236	45	generated	generate	VERB
ftr-312	236	46	by	by	ADP
ftr-312	236	47	a	a	DET
ftr-312	236	48	startup.45	startup.45	NOUN
ftr-312	236	49	the	the	DET
ftr-312	236	50	losses	loss	NOUN
ftr-312	236	51	“	"	PUNCT
ftr-312	236	52	burned	burn	VERB
ftr-312	236	53	”	"	PUNCT
ftr-312	236	54	as	as	ADP
ftr-312	236	55	a	a	DET
ftr-312	236	56	result	result	NOUN
ftr-312	236	57	of	of	ADP
ftr-312	236	58	venture	venture	NOUN
ftr-312	236	59	capitalists	capitalist	NOUN
ftr-312	236	60	’	'	PUNCT
ftr-312	236	61	choice	choice	NOUN
ftr-312	236	62	of	of	ADP
ftr-312	236	63	a	a	DET
ftr-312	236	64	corporate	corporate	ADJ
ftr-312	236	65	form46	form46	NOUN
ftr-312	236	66	are	be	AUX
ftr-312	236	67	estimated	estimate	VERB
ftr-312	236	68	to	to	PART
ftr-312	236	69	be	be	AUX
ftr-312	236	70	worth	worth	ADJ
ftr-312	236	71	“	"	PUNCT
ftr-312	236	72	billions”47	billions”47	VERB
ftr-312	236	73	and	and	CCONJ
ftr-312	236	74	wasting	waste	VERB
ftr-312	236	75	them	they	PRON
ftr-312	236	76	may	may	AUX
ftr-312	236	77	seem	seem	VERB
ftr-312	236	78	“	"	PUNCT
ftr-312	236	79	hard	hard	ADJ
ftr-312	236	80	to	to	PART
ftr-312	236	81	reconcile	reconcile	VERB
ftr-312	236	82	with	with	ADP
ftr-312	236	83	any	any	DET
ftr-312	236	84	42	42	NUM
ftr-312	236	85	.	.	PUNCT
ftr-312	237	1	telephone	telephone	NOUN
ftr-312	237	2	interview	interview	NOUN
ftr-312	237	3	with	with	ADP
ftr-312	237	4	silicon	silicon	PROPN
ftr-312	237	5	valley	valley	PROPN
ftr-312	237	6	entrepreneur	entrepreneur	NOUN
ftr-312	237	7	(	(	PUNCT
ftr-312	237	8	jan	jan	PROPN
ftr-312	237	9	.	.	PROPN
ftr-312	237	10	30	30	NUM
ftr-312	237	11	,	,	PUNCT
ftr-312	237	12	2013	2013	NUM
ftr-312	237	13	)	)	PUNCT
ftr-312	237	14	.	.	PUNCT
ftr-312	238	1	a	a	DET
ftr-312	238	2	california	california	PROPN
ftr-312	238	3	corporation	corporation	NOUN
ftr-312	238	4	,	,	PUNCT
ftr-312	238	5	like	like	ADP
ftr-312	238	6	a	a	DET
ftr-312	238	7	delaware	delaware	PROPN
ftr-312	238	8	corporation	corporation	NOUN
ftr-312	238	9	,	,	PUNCT
ftr-312	238	10	forms	form	VERB
ftr-312	238	11	the	the	DET
ftr-312	238	12	foundation	foundation	NOUN
ftr-312	238	13	for	for	ADP
ftr-312	238	14	a	a	DET
ftr-312	238	15	future	future	ADJ
ftr-312	238	16	structure	structure	NOUN
ftr-312	238	17	as	as	ADP
ftr-312	238	18	a	a	DET
ftr-312	238	19	us	us	ADV
ftr-312	238	20	-	-	PUNCT
ftr-312	238	21	parented	parent	VERB
ftr-312	238	22	mnc	mnc	PROPN
ftr-312	238	23	.	.	PROPN
ftr-312	238	24	43	43	NUM
ftr-312	238	25	.	.	PUNCT
ftr-312	239	1	telephone	telephone	NOUN
ftr-312	239	2	interview	interview	NOUN
ftr-312	239	3	with	with	ADP
ftr-312	239	4	silicon	silicon	PROPN
ftr-312	239	5	valley	valley	PROPN
ftr-312	239	6	entrepreneur	entrepreneur	NOUN
ftr-312	239	7	(	(	PUNCT
ftr-312	239	8	feb	feb	PROPN
ftr-312	239	9	.	.	PROPN
ftr-312	239	10	11	11	NUM
ftr-312	239	11	,	,	PUNCT
ftr-312	239	12	2013	2013	NUM
ftr-312	239	13	)	)	PUNCT
ftr-312	239	14	.	.	PUNCT
ftr-312	240	1	44	44	NUM
ftr-312	240	2	.	.	PUNCT
ftr-312	241	1	see	see	VERB
ftr-312	241	2	lucian	lucian	PROPN
ftr-312	241	3	arye	arye	PROPN
ftr-312	241	4	bebchuk	bebchuk	PROPN
ftr-312	241	5	&	&	CCONJ
ftr-312	241	6	alma	alma	PROPN
ftr-312	241	7	cohen	cohen	PROPN
ftr-312	241	8	,	,	PUNCT
ftr-312	241	9	firms	firm	NOUN
ftr-312	241	10	’	'	PUNCT
ftr-312	241	11	decisions	decision	NOUN
ftr-312	241	12	where	where	SCONJ
ftr-312	241	13	to	to	PART
ftr-312	241	14	incorporate	incorporate	VERB
ftr-312	241	15	,	,	PUNCT
ftr-312	241	16	46	46	NUM
ftr-312	241	17	j.l	j.l	PROPN
ftr-312	241	18	.	.	PROPN
ftr-312	241	19	&	&	CCONJ
ftr-312	241	20	econ	econ	PROPN
ftr-312	241	21	.	.	PUNCT
ftr-312	242	1	383	383	NUM
ftr-312	242	2	(	(	PUNCT
ftr-312	242	3	2003	2003	NUM
ftr-312	242	4	)	)	PUNCT
ftr-312	242	5	;	;	PUNCT
ftr-312	243	1	daines	daine	NOUN
ftr-312	243	2	,	,	PUNCT
ftr-312	243	3	the	the	DET
ftr-312	243	4	incorporation	incorporation	NOUN
ftr-312	243	5	choices	choice	NOUN
ftr-312	243	6	of	of	ADP
ftr-312	243	7	ipo	ipo	NOUN
ftr-312	243	8	firms	firm	NOUN
ftr-312	243	9	,	,	PUNCT
ftr-312	243	10	supra	supra	PROPN
ftr-312	243	11	note	note	PROPN
ftr-312	243	12	36	36	NUM
ftr-312	243	13	;	;	PUNCT
ftr-312	243	14	jens	jens	PROPN
ftr-312	243	15	dammann	dammann	PROPN
ftr-312	243	16	&	&	CCONJ
ftr-312	243	17	matthias	matthias	PROPN
ftr-312	243	18	schundein	schundein	PROPN
ftr-312	243	19	,	,	PUNCT
ftr-312	243	20	the	the	DET
ftr-312	243	21	incorporation	incorporation	NOUN
ftr-312	243	22	choices	choice	NOUN
ftr-312	243	23	of	of	ADP
ftr-312	243	24	privately	privately	ADV
ftr-312	243	25	held	hold	VERB
ftr-312	243	26	corporations	corporation	NOUN
ftr-312	243	27	,	,	PUNCT
ftr-312	243	28	27	27	NUM
ftr-312	243	29	j.l	j.l	PROPN
ftr-312	243	30	.	.	PROPN
ftr-312	243	31	econ	econ	PROPN
ftr-312	243	32	.	.	PROPN
ftr-312	243	33	&	&	CCONJ
ftr-312	243	34	org	org	PROPN
ftr-312	243	35	.	.	PROPN
ftr-312	244	1	79	79	NUM
ftr-312	244	2	(	(	PUNCT
ftr-312	244	3	2011	2011	NUM
ftr-312	244	4	)	)	PUNCT
ftr-312	244	5	.	.	PUNCT
ftr-312	245	1	45	45	NUM
ftr-312	245	2	.	.	X
ftr-312	246	1	see	see	VERB
ftr-312	246	2	,	,	PUNCT
ftr-312	246	3	e.g.	e.g.	ADV
ftr-312	246	4	,	,	PUNCT
ftr-312	246	5	goldberg	goldberg	PROPN
ftr-312	246	6	,	,	PUNCT
ftr-312	246	7	choice	choice	NOUN
ftr-312	246	8	of	of	ADP
ftr-312	246	9	entity	entity	NOUN
ftr-312	246	10	for	for	ADP
ftr-312	246	11	a	a	DET
ftr-312	246	12	venture	venture	NOUN
ftr-312	246	13	capital	capital	NOUN
ftr-312	246	14	start	start	NOUN
ftr-312	246	15	-	-	PUNCT
ftr-312	246	16	up	up	NOUN
ftr-312	246	17	,	,	PUNCT
ftr-312	246	18	supra	supra	ADJ
ftr-312	246	19	note	note	NOUN
ftr-312	246	20	4	4	NUM
ftr-312	246	21	.	.	NOUN
ftr-312	246	22	46	46	NUM
ftr-312	246	23	.	.	PUNCT
ftr-312	247	1	johnson	johnson	PROPN
ftr-312	247	2	,	,	PUNCT
ftr-312	247	3	why	why	SCONJ
ftr-312	247	4	do	do	AUX
ftr-312	247	5	venture	venture	NOUN
ftr-312	247	6	capital	capital	NOUN
ftr-312	247	7	funds	fund	NOUN
ftr-312	247	8	burn	burn	VERB
ftr-312	247	9	research	research	NOUN
ftr-312	247	10	and	and	CCONJ
ftr-312	247	11	development	development	NOUN
ftr-312	247	12	deductions	deduction	NOUN
ftr-312	247	13	,	,	PUNCT
ftr-312	247	14	supra	supra	PROPN
ftr-312	247	15	note	note	NOUN
ftr-312	247	16	4	4	NUM
ftr-312	247	17	,	,	PUNCT
ftr-312	247	18	at	at	ADP
ftr-312	247	19	53	53	NUM
ftr-312	247	20	.	.	PUNCT
ftr-312	248	1	47	47	NUM
ftr-312	248	2	.	.	PUNCT
ftr-312	249	1	allen	allen	PROPN
ftr-312	249	2	&	&	CCONJ
ftr-312	249	3	raghavan	raghavan	PROPN
ftr-312	249	4	,	,	PUNCT
ftr-312	249	5	the	the	DET
ftr-312	249	6	impact	impact	NOUN
ftr-312	249	7	of	of	ADP
ftr-312	249	8	non	non	ADJ
ftr-312	249	9	-	-	ADJ
ftr-312	249	10	tax	tax	ADJ
ftr-312	249	11	costs	cost	NOUN
ftr-312	249	12	on	on	ADP
ftr-312	249	13	tax	tax	NOUN
ftr-312	249	14	-	-	PUNCT
ftr-312	249	15	efficiency	efficiency	NOUN
ftr-312	249	16	,	,	PUNCT
ftr-312	249	17	supra	supra	PROPN
ftr-312	249	18	note	note	NOUN
ftr-312	249	19	4	4	NUM
ftr-312	249	20	,	,	PUNCT
ftr-312	249	21	at	at	ADP
ftr-312	249	22	3	3	NUM
ftr-312	249	23	(	(	PUNCT
ftr-312	249	24	estimating	estimate	VERB
ftr-312	249	25	lower	low	ADJ
ftr-312	249	26	bounds	bound	NOUN
ftr-312	249	27	for	for	ADP
ftr-312	249	28	the	the	DET
ftr-312	249	29	value	value	NOUN
ftr-312	249	30	tax	tax	NOUN
ftr-312	249	31	benefit	benefit	NOUN
ftr-312	249	32	value	value	NOUN
ftr-312	249	33	of	of	ADP
ftr-312	249	34	foregone	foregone	NOUN
ftr-312	249	35	losses	loss	NOUN
ftr-312	249	36	at	at	ADP
ftr-312	249	37	$	$	SYM
ftr-312	249	38	1.4	1.4	NUM
ftr-312	249	39	billion	billion	NUM
ftr-312	249	40	–	–	PUNCT
ftr-312	249	41	$	$	SYM
ftr-312	249	42	4.4	4.4	NUM
ftr-312	249	43	billion	billion	NUM
ftr-312	249	44	based	base	VERB
ftr-312	249	45	on	on	ADP
ftr-312	249	46	ipo	ipo	NOUN
ftr-312	249	47	evidence	evidence	NOUN
ftr-312	249	48	from	from	ADP
ftr-312	249	49	19962011	19962011	NUM
ftr-312	249	50	)	)	PUNCT
ftr-312	249	51	.	.	PUNCT
ftr-312	250	1	332	332	NUM
ftr-312	250	2	florida	florida	PROPN
ftr-312	250	3	tax	tax	PROPN
ftr-312	250	4	review	review	NOUN
ftr-312	250	5	[	[	X
ftr-312	250	6	vol	vol	NOUN
ftr-312	250	7	.	.	PUNCT
ftr-312	251	1	14:8	14:8	NUM
ftr-312	251	2	strong	strong	ADJ
ftr-312	251	3	form	form	NOUN
ftr-312	251	4	of	of	ADP
ftr-312	251	5	efficient	efficient	ADJ
ftr-312	251	6	market	market	NOUN
ftr-312	251	7	hypothesis	hypothesis	NOUN
ftr-312	251	8	.	.	PUNCT
ftr-312	252	1	”48	”48	PROPN
ftr-312	252	2	yet	yet	CCONJ
ftr-312	252	3	contemporaneous	contemporaneous	ADJ
ftr-312	252	4	work	work	NOUN
ftr-312	252	5	shows	show	VERB
ftr-312	252	6	that	that	SCONJ
ftr-312	252	7	out	out	ADP
ftr-312	252	8	of	of	ADP
ftr-312	252	9	995	995	NUM
ftr-312	252	10	venture	venture	NOUN
ftr-312	252	11	-	-	PUNCT
ftr-312	252	12	backed	back	VERB
ftr-312	252	13	firms	firm	NOUN
ftr-312	252	14	that	that	PRON
ftr-312	252	15	conducted	conduct	VERB
ftr-312	252	16	ipos	ipos	NOUN
ftr-312	252	17	on	on	ADP
ftr-312	252	18	us	us	PROPN
ftr-312	252	19	markets	market	NOUN
ftr-312	252	20	between	between	ADP
ftr-312	252	21	1996	1996	NUM
ftr-312	252	22	and	and	CCONJ
ftr-312	252	23	2008	2008	NUM
ftr-312	252	24	,	,	PUNCT
ftr-312	252	25	only	only	ADV
ftr-312	252	26	forty	forty	NUM
ftr-312	252	27	-	-	PUNCT
ftr-312	252	28	eight	eight	NUM
ftr-312	252	29	firms	firm	NOUN
ftr-312	252	30	initially	initially	ADV
ftr-312	252	31	organized	organize	VERB
ftr-312	252	32	as	as	ADP
ftr-312	252	33	llcs	llcs	NOUN
ftr-312	252	34	,	,	PUNCT
ftr-312	252	35	and	and	CCONJ
ftr-312	252	36	only	only	ADV
ftr-312	252	37	seventeen	seventeen	NUM
ftr-312	252	38	retained	retain	VERB
ftr-312	252	39	llc	llc	PROPN
ftr-312	252	40	status	status	NOUN
ftr-312	252	41	until	until	ADP
ftr-312	252	42	the	the	DET
ftr-312	252	43	ipo	ipo	NOUN
ftr-312	252	44	.	.	PUNCT
ftr-312	253	1	the	the	DET
ftr-312	253	2	few	few	ADJ
ftr-312	253	3	firms	firm	NOUN
ftr-312	253	4	that	that	PRON
ftr-312	253	5	organized	organize	VERB
ftr-312	253	6	as	as	ADP
ftr-312	253	7	llcs	llcs	NOUN
ftr-312	253	8	were	be	AUX
ftr-312	253	9	more	more	ADV
ftr-312	253	10	profitable	profitable	ADJ
ftr-312	253	11	than	than	ADP
ftr-312	253	12	those	those	PRON
ftr-312	253	13	that	that	PRON
ftr-312	253	14	did	do	VERB
ftr-312	253	15	not.49	not.49	PROPN
ftr-312	253	16	prior	prior	PROPN
ftr-312	253	17	literature	literature	PROPN
ftr-312	253	18	also	also	ADV
ftr-312	253	19	considers	consider	VERB
ftr-312	253	20	the	the	DET
ftr-312	253	21	possible	possible	ADJ
ftr-312	253	22	impact	impact	NOUN
ftr-312	253	23	of	of	ADP
ftr-312	253	24	factors	factor	NOUN
ftr-312	253	25	that	that	PRON
ftr-312	253	26	may	may	AUX
ftr-312	253	27	favor	favor	VERB
ftr-312	253	28	incorporation	incorporation	NOUN
ftr-312	253	29	despite	despite	SCONJ
ftr-312	253	30	the	the	DET
ftr-312	253	31	tax	tax	NOUN
ftr-312	253	32	advantages	advantage	NOUN
ftr-312	253	33	of	of	ADP
ftr-312	253	34	llc	llc	PROPN
ftr-312	253	35	organization	organization	NOUN
ftr-312	253	36	,	,	PUNCT
ftr-312	253	37	including	include	VERB
ftr-312	253	38	limited	limited	ADJ
ftr-312	253	39	ability	ability	NOUN
ftr-312	253	40	to	to	PART
ftr-312	253	41	use	use	VERB
ftr-312	253	42	tax	tax	NOUN
ftr-312	253	43	losses	loss	NOUN
ftr-312	253	44	among	among	ADP
ftr-312	253	45	existing	exist	VERB
ftr-312	253	46	investors	investor	NOUN
ftr-312	253	47	in	in	ADP
ftr-312	253	48	venture	venture	NOUN
ftr-312	253	49	capital	capital	NOUN
ftr-312	253	50	firms	firm	NOUN
ftr-312	253	51	and	and	CCONJ
ftr-312	253	52	reduced	reduce	VERB
ftr-312	253	53	transaction	transaction	NOUN
ftr-312	253	54	costs	cost	NOUN
ftr-312	253	55	that	that	PRON
ftr-312	253	56	result	result	VERB
ftr-312	253	57	from	from	ADP
ftr-312	253	58	the	the	DET
ftr-312	253	59	relative	relative	ADJ
ftr-312	253	60	simplicity	simplicity	NOUN
ftr-312	253	61	of	of	ADP
ftr-312	253	62	c	c	PROPN
ftr-312	253	63	corporation	corporation	NOUN
ftr-312	253	64	organization.50	organization.50	PROPN
ftr-312	253	65	the	the	DET
ftr-312	253	66	question	question	NOUN
ftr-312	253	67	of	of	ADP
ftr-312	253	68	us	we	PRON
ftr-312	253	69	or	or	CCONJ
ftr-312	253	70	non	non	ADJ
ftr-312	253	71	-	-	ADJ
ftr-312	253	72	us	us	ADJ
ftr-312	253	73	incorporation	incorporation	NOUN
ftr-312	253	74	,	,	PUNCT
ftr-312	253	75	which	which	PRON
ftr-312	253	76	is	be	AUX
ftr-312	253	77	the	the	DET
ftr-312	253	78	focus	focus	NOUN
ftr-312	253	79	of	of	ADP
ftr-312	253	80	this	this	DET
ftr-312	253	81	article	article	NOUN
ftr-312	253	82	,	,	PUNCT
ftr-312	253	83	adds	add	VERB
ftr-312	253	84	to	to	ADP
ftr-312	253	85	the	the	DET
ftr-312	253	86	delaware	delaware	PROPN
ftr-312	253	87	-	-	PUNCT
ftr-312	253	88	versus	versus	ADP
ftr-312	253	89	-	-	PUNCT
ftr-312	253	90	home	home	NOUN
ftr-312	253	91	state	state	NOUN
ftr-312	253	92	and	and	CCONJ
ftr-312	253	93	llc	llc	PROPN
ftr-312	253	94	-	-	PUNCT
ftr-312	253	95	versuscorporation	versuscorporation	NOUN
ftr-312	253	96	elements	element	NOUN
ftr-312	253	97	of	of	ADP
ftr-312	253	98	a	a	DET
ftr-312	253	99	startup	startup	NOUN
ftr-312	253	100	’s	’s	PART
ftr-312	253	101	organization	organization	NOUN
ftr-312	253	102	decision	decision	NOUN
ftr-312	253	103	.	.	PUNCT
ftr-312	254	1	available	available	ADJ
ftr-312	254	2	empirical	empirical	ADJ
ftr-312	254	3	evidence	evidence	NOUN
ftr-312	254	4	shows	show	VERB
ftr-312	254	5	that	that	SCONJ
ftr-312	254	6	us	us	PROPN
ftr-312	254	7	incorporation	incorporation	NOUN
ftr-312	254	8	is	be	AUX
ftr-312	254	9	the	the	DET
ftr-312	254	10	dominant	dominant	ADJ
ftr-312	254	11	organizational	organizational	ADJ
ftr-312	254	12	decision	decision	NOUN
ftr-312	254	13	for	for	ADP
ftr-312	254	14	us	we	PRON
ftr-312	254	15	-	-	PUNCT
ftr-312	254	16	based	base	VERB
ftr-312	254	17	startup	startup	NOUN
ftr-312	254	18	firms	firm	NOUN
ftr-312	254	19	with	with	ADP
ftr-312	254	20	global	global	ADJ
ftr-312	254	21	ambitions	ambition	NOUN
ftr-312	254	22	.	.	PUNCT
ftr-312	255	1	in	in	ADP
ftr-312	255	2	particular	particular	ADJ
ftr-312	255	3	,	,	PUNCT
ftr-312	255	4	initial	initial	ADJ
ftr-312	255	5	public	public	ADJ
ftr-312	255	6	offering	offering	NOUN
ftr-312	255	7	data	datum	NOUN
ftr-312	255	8	from	from	ADP
ftr-312	255	9	1997	1997	NUM
ftr-312	255	10	through	through	ADP
ftr-312	255	11	2010	2010	NUM
ftr-312	255	12	reveals	reveal	VERB
ftr-312	255	13	that	that	SCONJ
ftr-312	255	14	fewer	few	ADJ
ftr-312	255	15	than	than	ADP
ftr-312	255	16	3	3	NUM
ftr-312	255	17	percent	percent	NOUN
ftr-312	255	18	of	of	ADP
ftr-312	255	19	identified	identify	VERB
ftr-312	255	20	us	us	PROPN
ftr-312	255	21	-	-	PUNCT
ftr-312	255	22	based	base	VERB
ftr-312	255	23	multinational	multinational	ADJ
ftr-312	255	24	corporations	corporation	NOUN
ftr-312	255	25	in	in	ADP
ftr-312	255	26	the	the	DET
ftr-312	255	27	data	datum	NOUN
ftr-312	255	28	set	set	VERB
ftr-312	255	29	incorporated	incorporate	VERB
ftr-312	255	30	in	in	ADP
ftr-312	255	31	tax	tax	NOUN
ftr-312	255	32	havens	haven	NOUN
ftr-312	255	33	.	.	PUNCT
ftr-312	256	1	in	in	ADP
ftr-312	256	2	addition	addition	NOUN
ftr-312	256	3	,	,	PUNCT
ftr-312	256	4	fewer	few	ADJ
ftr-312	256	5	than	than	ADP
ftr-312	256	6	2	2	NUM
ftr-312	256	7	percent	percent	NOUN
ftr-312	256	8	of	of	ADP
ftr-312	256	9	such	such	ADJ
ftr-312	256	10	firms	firm	NOUN
ftr-312	256	11	incorporated	incorporate	VERB
ftr-312	256	12	in	in	ADP
ftr-312	256	13	non	non	ADJ
ftr-312	256	14	-	-	ADJ
ftr-312	256	15	tax	tax	ADJ
ftr-312	256	16	-	-	PUNCT
ftr-312	256	17	haven	haven	NOUN
ftr-312	256	18	,	,	PUNCT
ftr-312	256	19	non	non	ADJ
ftr-312	256	20	-	-	ADJ
ftr-312	256	21	us	us	ADJ
ftr-312	256	22	jurisdictions.51	jurisdictions.51	PROPN
ftr-312	256	23	informal	informal	ADJ
ftr-312	256	24	interview	interview	NOUN
ftr-312	256	25	evidence	evidence	NOUN
ftr-312	256	26	corroborates	corroborate	VERB
ftr-312	256	27	the	the	DET
ftr-312	256	28	view	view	NOUN
ftr-312	256	29	that	that	SCONJ
ftr-312	256	30	us	us	PROPN
ftr-312	256	31	incorporation	incorporation	NOUN
ftr-312	256	32	is	be	AUX
ftr-312	256	33	the	the	DET
ftr-312	256	34	norm	norm	NOUN
ftr-312	256	35	for	for	ADP
ftr-312	256	36	us	we	PRON
ftr-312	256	37	-	-	PUNCT
ftr-312	256	38	based	base	VERB
ftr-312	256	39	startups	startup	NOUN
ftr-312	256	40	with	with	ADP
ftr-312	256	41	global	global	ADJ
ftr-312	256	42	ambitions	ambition	NOUN
ftr-312	256	43	.	.	PUNCT
ftr-312	257	1	one	one	NUM
ftr-312	257	2	entrepreneur	entrepreneur	NOUN
ftr-312	257	3	,	,	PUNCT
ftr-312	257	4	for	for	ADP
ftr-312	257	5	example	example	NOUN
ftr-312	257	6	,	,	PUNCT
ftr-312	257	7	characterized	characterize	VERB
ftr-312	257	8	us	us	PROPN
ftr-312	257	9	organization	organization	NOUN
ftr-312	257	10	as	as	ADP
ftr-312	257	11	the	the	DET
ftr-312	257	12	undisputed	undisputed	ADJ
ftr-312	257	13	default	default	NOUN
ftr-312	257	14	rule	rule	NOUN
ftr-312	257	15	,	,	PUNCT
ftr-312	257	16	even	even	ADV
ftr-312	257	17	,	,	PUNCT
ftr-312	257	18	for	for	ADP
ftr-312	257	19	example	example	NOUN
ftr-312	257	20	,	,	PUNCT
ftr-312	257	21	for	for	ADP
ftr-312	257	22	a	a	DET
ftr-312	257	23	startup	startup	NOUN
ftr-312	257	24	that	that	PRON
ftr-312	257	25	anticipated	anticipate	VERB
ftr-312	257	26	that	that	SCONJ
ftr-312	257	27	the	the	DET
ftr-312	257	28	most	most	ADV
ftr-312	257	29	significant	significant	ADJ
ftr-312	257	30	market	market	NOUN
ftr-312	257	31	for	for	ADP
ftr-312	257	32	its	its	PRON
ftr-312	257	33	product	product	NOUN
ftr-312	257	34	would	would	AUX
ftr-312	257	35	be	be	AUX
ftr-312	257	36	in	in	ADP
ftr-312	257	37	europe.52	europe.52	ADJ
ftr-312	257	38	one	one	NUM
ftr-312	257	39	lawyer	lawyer	NOUN
ftr-312	257	40	48	48	NUM
ftr-312	257	41	.	.	PUNCT
ftr-312	258	1	bankman	bankman	NOUN
ftr-312	258	2	,	,	PUNCT
ftr-312	258	3	the	the	DET
ftr-312	258	4	structure	structure	NOUN
ftr-312	258	5	of	of	ADP
ftr-312	258	6	silicon	silicon	PROPN
ftr-312	258	7	valley	valley	PROPN
ftr-312	258	8	start	start	NOUN
ftr-312	258	9	-	-	PUNCT
ftr-312	258	10	ups	up	NOUN
ftr-312	258	11	,	,	PUNCT
ftr-312	258	12	supra	supra	PROPN
ftr-312	258	13	note	note	NOUN
ftr-312	258	14	4	4	NUM
ftr-312	258	15	,	,	PUNCT
ftr-312	258	16	at	at	ADP
ftr-312	258	17	1767	1767	NUM
ftr-312	258	18	(	(	PUNCT
ftr-312	258	19	raising	raise	VERB
ftr-312	258	20	the	the	DET
ftr-312	258	21	possibility	possibility	NOUN
ftr-312	258	22	of	of	ADP
ftr-312	258	23	a	a	DET
ftr-312	258	24	gambler	gambler	NOUN
ftr-312	258	25	’s	’s	PART
ftr-312	258	26	mentality	mentality	NOUN
ftr-312	258	27	)	)	PUNCT
ftr-312	258	28	.	.	PUNCT
ftr-312	259	1	49	49	NUM
ftr-312	259	2	.	.	PUNCT
ftr-312	260	1	allen	allen	PROPN
ftr-312	260	2	&	&	CCONJ
ftr-312	260	3	raghavan	raghavan	PROPN
ftr-312	260	4	,	,	PUNCT
ftr-312	260	5	the	the	DET
ftr-312	260	6	impact	impact	NOUN
ftr-312	260	7	of	of	ADP
ftr-312	260	8	non	non	ADJ
ftr-312	260	9	-	-	ADJ
ftr-312	260	10	tax	tax	ADJ
ftr-312	260	11	costs	cost	NOUN
ftr-312	260	12	on	on	ADP
ftr-312	260	13	tax	tax	NOUN
ftr-312	260	14	-	-	PUNCT
ftr-312	260	15	efficiency	efficiency	NOUN
ftr-312	260	16	,	,	PUNCT
ftr-312	260	17	supra	supra	PROPN
ftr-312	260	18	note	note	NOUN
ftr-312	260	19	4	4	NUM
ftr-312	260	20	,	,	PUNCT
ftr-312	260	21	at	at	ADP
ftr-312	260	22	2	2	NUM
ftr-312	260	23	.	.	NOUN
ftr-312	260	24	50	50	NUM
ftr-312	260	25	.	.	PUNCT
ftr-312	261	1	see	see	VERB
ftr-312	261	2	bankman	bankman	NOUN
ftr-312	261	3	,	,	PUNCT
ftr-312	261	4	the	the	DET
ftr-312	261	5	structure	structure	NOUN
ftr-312	261	6	of	of	ADP
ftr-312	261	7	silicon	silicon	PROPN
ftr-312	261	8	valley	valley	PROPN
ftr-312	261	9	start	start	NOUN
ftr-312	261	10	-	-	PUNCT
ftr-312	261	11	ups	up	NOUN
ftr-312	261	12	,	,	PUNCT
ftr-312	261	13	supra	supra	PROPN
ftr-312	261	14	note	note	NOUN
ftr-312	261	15	4	4	NUM
ftr-312	261	16	,	,	PUNCT
ftr-312	261	17	at	at	ADP
ftr-312	261	18	1767–68	1767–68	NUM
ftr-312	261	19	(	(	PUNCT
ftr-312	261	20	considering	consider	VERB
ftr-312	261	21	reduced	reduce	VERB
ftr-312	261	22	transaction	transaction	NOUN
ftr-312	261	23	costs	cost	NOUN
ftr-312	261	24	and	and	CCONJ
ftr-312	261	25	venture	venture	NOUN
ftr-312	261	26	capitalists	capitalist	NOUN
ftr-312	261	27	’	'	PUNCT
ftr-312	261	28	collective	collective	ADJ
ftr-312	261	29	action	action	NOUN
ftr-312	261	30	problem	problem	NOUN
ftr-312	261	31	)	)	PUNCT
ftr-312	261	32	;	;	PUNCT
ftr-312	262	1	fleischer	fleischer	PROPN
ftr-312	262	2	,	,	PUNCT
ftr-312	262	3	the	the	DET
ftr-312	262	4	rational	rational	ADJ
ftr-312	262	5	exuberance	exuberance	NOUN
ftr-312	262	6	of	of	ADP
ftr-312	262	7	structuring	structure	VERB
ftr-312	262	8	venture	venture	NOUN
ftr-312	262	9	capital	capital	NOUN
ftr-312	262	10	,	,	PUNCT
ftr-312	262	11	supra	supra	PROPN
ftr-312	262	12	note	note	NOUN
ftr-312	262	13	4	4	NUM
ftr-312	262	14	,	,	PUNCT
ftr-312	262	15	at	at	ADP
ftr-312	262	16	139–40	139–40	PROPN
ftr-312	262	17	(	(	PUNCT
ftr-312	262	18	adding	add	VERB
ftr-312	262	19	that	that	SCONJ
ftr-312	262	20	venture	venture	NOUN
ftr-312	262	21	capitalists	capitalist	NOUN
ftr-312	262	22	generally	generally	ADV
ftr-312	262	23	would	would	AUX
ftr-312	262	24	not	not	PART
ftr-312	262	25	benefit	benefit	VERB
ftr-312	262	26	from	from	ADP
ftr-312	262	27	startup	startup	NOUN
ftr-312	262	28	losses	loss	NOUN
ftr-312	262	29	and	and	CCONJ
ftr-312	262	30	that	that	SCONJ
ftr-312	262	31	loss	loss	NOUN
ftr-312	262	32	limitations	limitation	NOUN
ftr-312	262	33	prevent	prevent	VERB
ftr-312	262	34	typical	typical	ADJ
ftr-312	262	35	investors	investor	NOUN
ftr-312	262	36	in	in	ADP
ftr-312	262	37	venture	venture	NOUN
ftr-312	262	38	funds	fund	NOUN
ftr-312	262	39	from	from	ADP
ftr-312	262	40	taking	take	VERB
ftr-312	262	41	full	full	ADJ
ftr-312	262	42	current	current	ADJ
ftr-312	262	43	advantage	advantage	NOUN
ftr-312	262	44	of	of	ADP
ftr-312	262	45	losses	loss	NOUN
ftr-312	262	46	produced	produce	VERB
ftr-312	262	47	by	by	ADP
ftr-312	262	48	pass	pass	NOUN
ftr-312	262	49	-	-	PUNCT
ftr-312	262	50	through	through	ADP
ftr-312	262	51	portfolio	portfolio	NOUN
ftr-312	262	52	companies	company	NOUN
ftr-312	262	53	)	)	PUNCT
ftr-312	262	54	.	.	PUNCT
ftr-312	263	1	51	51	NUM
ftr-312	263	2	.	.	PUNCT
ftr-312	264	1	see	see	VERB
ftr-312	264	2	allen	allen	PROPN
ftr-312	264	3	&	&	CCONJ
ftr-312	264	4	morse	morse	PROPN
ftr-312	264	5	,	,	PUNCT
ftr-312	264	6	tax	tax	NOUN
ftr-312	264	7	-	-	PUNCT
ftr-312	264	8	haven	haven	NOUN
ftr-312	264	9	incorporation	incorporation	NOUN
ftr-312	264	10	for	for	ADP
ftr-312	264	11	u.s.-headquartered	u.s.-headquartered	ADJ
ftr-312	264	12	firms	firm	NOUN
ftr-312	264	13	,	,	PUNCT
ftr-312	264	14	supra	supra	PROPN
ftr-312	264	15	note	note	NOUN
ftr-312	264	16	3	3	NUM
ftr-312	264	17	,	,	PUNCT
ftr-312	264	18	at	at	ADP
ftr-312	264	19	407	407	NUM
ftr-312	264	20	.	.	PUNCT
ftr-312	265	1	the	the	DET
ftr-312	265	2	ipo	ipo	PROPN
ftr-312	265	3	data	datum	NOUN
ftr-312	265	4	set	set	VERB
ftr-312	265	5	excludes	exclude	VERB
ftr-312	265	6	firms	firm	NOUN
ftr-312	265	7	that	that	PRON
ftr-312	265	8	stay	stay	VERB
ftr-312	265	9	private	private	ADJ
ftr-312	265	10	and	and	CCONJ
ftr-312	265	11	those	those	PRON
ftr-312	265	12	that	that	PRON
ftr-312	265	13	only	only	ADJ
ftr-312	265	14	list	list	NOUN
ftr-312	265	15	on	on	ADP
ftr-312	265	16	non	non	ADJ
ftr-312	265	17	-	-	ADJ
ftr-312	265	18	us	us	ADJ
ftr-312	265	19	exchanges	exchange	NOUN
ftr-312	265	20	.	.	PUNCT
ftr-312	266	1	it	it	PRON
ftr-312	266	2	includes	include	VERB
ftr-312	266	3	firms	firm	NOUN
ftr-312	266	4	that	that	PRON
ftr-312	266	5	were	be	AUX
ftr-312	266	6	not	not	PART
ftr-312	266	7	“	"	PUNCT
ftr-312	266	8	relatively	relatively	ADV
ftr-312	266	9	new	new	ADJ
ftr-312	266	10	”	"	PUNCT
ftr-312	266	11	at	at	ADP
ftr-312	266	12	the	the	DET
ftr-312	266	13	time	time	NOUN
ftr-312	266	14	of	of	ADP
ftr-312	266	15	ipo	ipo	NOUN
ftr-312	266	16	,	,	PUNCT
ftr-312	266	17	for	for	ADP
ftr-312	266	18	example	example	NOUN
ftr-312	266	19	because	because	SCONJ
ftr-312	266	20	a	a	DET
ftr-312	266	21	firm	firm	NOUN
ftr-312	266	22	may	may	AUX
ftr-312	266	23	have	have	AUX
ftr-312	266	24	gone	go	VERB
ftr-312	266	25	public	public	ADJ
ftr-312	266	26	for	for	ADP
ftr-312	266	27	a	a	DET
ftr-312	266	28	second	second	ADJ
ftr-312	266	29	time	time	NOUN
ftr-312	266	30	after	after	ADP
ftr-312	266	31	a	a	DET
ftr-312	266	32	taking	take	VERB
ftr-312	266	33	-	-	PUNCT
ftr-312	266	34	private	private	ADJ
ftr-312	266	35	transaction	transaction	NOUN
ftr-312	266	36	conducted	conduct	VERB
ftr-312	266	37	by	by	ADP
ftr-312	266	38	a	a	DET
ftr-312	266	39	financial	financial	ADJ
ftr-312	266	40	investor	investor	NOUN
ftr-312	266	41	.	.	PUNCT
ftr-312	267	1	in	in	ADP
ftr-312	267	2	addition	addition	NOUN
ftr-312	267	3	,	,	PUNCT
ftr-312	267	4	data	datum	NOUN
ftr-312	267	5	as	as	ADP
ftr-312	267	6	of	of	ADP
ftr-312	267	7	the	the	DET
ftr-312	267	8	ipo	ipo	NOUN
ftr-312	267	9	date	date	NOUN
ftr-312	267	10	typically	typically	ADV
ftr-312	267	11	lags	lag	VERB
ftr-312	267	12	incorporation	incorporation	NOUN
ftr-312	267	13	.	.	PUNCT
ftr-312	268	1	see	see	VERB
ftr-312	268	2	i	i	PRON
ftr-312	268	3	d.	d.	PROPN
ftr-312	268	4	at	at	ADP
ftr-312	268	5	401–02	401–02	PROPN
ftr-312	268	6	.	.	PUNCT
ftr-312	269	1	nevertheless	nevertheless	ADV
ftr-312	269	2	,	,	PUNCT
ftr-312	269	3	the	the	DET
ftr-312	269	4	study	study	NOUN
ftr-312	269	5	provides	provide	VERB
ftr-312	269	6	some	some	DET
ftr-312	269	7	support	support	NOUN
ftr-312	269	8	for	for	ADP
ftr-312	269	9	the	the	DET
ftr-312	269	10	conclusion	conclusion	NOUN
ftr-312	269	11	that	that	SCONJ
ftr-312	269	12	delaware	delaware	PROPN
ftr-312	269	13	incorporation	incorporation	NOUN
ftr-312	269	14	is	be	AUX
ftr-312	269	15	the	the	DET
ftr-312	269	16	market	market	NOUN
ftr-312	269	17	norm	norm	NOUN
ftr-312	269	18	for	for	ADP
ftr-312	269	19	us	we	PRON
ftr-312	269	20	-	-	PUNCT
ftr-312	269	21	based	base	VERB
ftr-312	269	22	startup	startup	NOUN
ftr-312	269	23	firms	firm	NOUN
ftr-312	269	24	.	.	PUNCT
ftr-312	270	1	52	52	NUM
ftr-312	270	2	.	.	PUNCT
ftr-312	271	1	telephone	telephone	NOUN
ftr-312	271	2	interview	interview	NOUN
ftr-312	271	3	with	with	ADP
ftr-312	271	4	silicon	silicon	PROPN
ftr-312	271	5	valley	valley	PROPN
ftr-312	271	6	entrepreneur	entrepreneur	NOUN
ftr-312	271	7	(	(	PUNCT
ftr-312	271	8	jan	jan	PROPN
ftr-312	271	9	.	.	PROPN
ftr-312	271	10	30	30	NUM
ftr-312	271	11	,	,	PUNCT
ftr-312	271	12	2013	2013	NUM
ftr-312	271	13	)	)	PUNCT
ftr-312	271	14	.	.	PUNCT
ftr-312	272	1	2013	2013	NUM
ftr-312	272	2	]	]	PUNCT
ftr-312	272	3	tax	tax	NOUN
ftr-312	272	4	planning	planning	NOUN
ftr-312	272	5	and	and	CCONJ
ftr-312	272	6	initial	initial	ADJ
ftr-312	272	7	incorporation	incorporation	NOUN
ftr-312	272	8	location	location	NOUN
ftr-312	272	9	333	333	NUM
ftr-312	272	10	responded	respond	VERB
ftr-312	272	11	to	to	ADP
ftr-312	272	12	the	the	DET
ftr-312	272	13	question	question	NOUN
ftr-312	272	14	of	of	ADP
ftr-312	272	15	whether	whether	SCONJ
ftr-312	272	16	the	the	DET
ftr-312	272	17	global	global	ADJ
ftr-312	272	18	elements	element	NOUN
ftr-312	272	19	of	of	ADP
ftr-312	272	20	a	a	DET
ftr-312	272	21	client	client	NOUN
ftr-312	272	22	’s	’s	PART
ftr-312	272	23	plan	plan	NOUN
ftr-312	272	24	influenced	influence	VERB
ftr-312	272	25	advice	advice	NOUN
ftr-312	272	26	on	on	ADP
ftr-312	272	27	the	the	DET
ftr-312	272	28	place	place	NOUN
ftr-312	272	29	of	of	ADP
ftr-312	272	30	incorporation	incorporation	NOUN
ftr-312	272	31	for	for	ADP
ftr-312	272	32	a	a	DET
ftr-312	272	33	firm	firm	NOUN
ftr-312	272	34	.	.	PUNCT
ftr-312	273	1	“	"	PUNCT
ftr-312	273	2	no	no	INTJ
ftr-312	273	3	,	,	PUNCT
ftr-312	273	4	”	"	PUNCT
ftr-312	273	5	he	he	PRON
ftr-312	273	6	said	say	VERB
ftr-312	273	7	.	.	PUNCT
ftr-312	274	1	“	"	PUNCT
ftr-312	274	2	they	they	PRON
ftr-312	274	3	have	have	VERB
ftr-312	274	4	no	no	DET
ftr-312	274	5	money	money	NOUN
ftr-312	274	6	.	.	PUNCT
ftr-312	275	1	”53	”53	ADJ
ftr-312	275	2	startups	startup	NOUN
ftr-312	275	3	that	that	PRON
ftr-312	275	4	are	be	AUX
ftr-312	275	5	not	not	PART
ftr-312	275	6	us	us	PROPN
ftr-312	275	7	-	-	PUNCT
ftr-312	275	8	based	base	VERB
ftr-312	275	9	,	,	PUNCT
ftr-312	275	10	on	on	ADP
ftr-312	275	11	the	the	DET
ftr-312	275	12	other	other	ADJ
ftr-312	275	13	hand	hand	NOUN
ftr-312	275	14	,	,	PUNCT
ftr-312	275	15	may	may	AUX
ftr-312	275	16	well	well	ADV
ftr-312	275	17	incorporate	incorporate	VERB
ftr-312	275	18	outside	outside	ADP
ftr-312	275	19	the	the	DET
ftr-312	275	20	united	united	PROPN
ftr-312	275	21	states	states	PROPN
ftr-312	275	22	,	,	PUNCT
ftr-312	275	23	even	even	ADV
ftr-312	275	24	if	if	SCONJ
ftr-312	275	25	they	they	PRON
ftr-312	275	26	receive	receive	VERB
ftr-312	275	27	funding	funding	NOUN
ftr-312	275	28	from	from	ADP
ftr-312	275	29	usbased	usbased	ADJ
ftr-312	275	30	venture	venture	NOUN
ftr-312	275	31	capital	capital	NOUN
ftr-312	275	32	firms	firm	NOUN
ftr-312	275	33	.	.	PUNCT
ftr-312	276	1	some	some	DET
ftr-312	276	2	firms	firm	NOUN
ftr-312	276	3	that	that	PRON
ftr-312	276	4	originate	originate	VERB
ftr-312	276	5	outside	outside	ADP
ftr-312	276	6	the	the	DET
ftr-312	276	7	united	united	PROPN
ftr-312	276	8	states	states	PROPN
ftr-312	276	9	and	and	CCONJ
ftr-312	276	10	initially	initially	ADV
ftr-312	276	11	organize	organize	VERB
ftr-312	276	12	as	as	SCONJ
ftr-312	276	13	non	non	ADJ
ftr-312	276	14	-	-	ADJ
ftr-312	276	15	us	us	ADJ
ftr-312	276	16	corporations	corporation	NOUN
ftr-312	276	17	may	may	AUX
ftr-312	276	18	keep	keep	VERB
ftr-312	276	19	their	their	PRON
ftr-312	276	20	non	non	ADJ
ftr-312	276	21	-	-	ADJ
ftr-312	276	22	us	us	ADJ
ftr-312	276	23	status	status	NOUN
ftr-312	276	24	after	after	SCONJ
ftr-312	276	25	they	they	PRON
ftr-312	276	26	move	move	VERB
ftr-312	276	27	to	to	ADP
ftr-312	276	28	the	the	DET
ftr-312	276	29	united	united	PROPN
ftr-312	276	30	states	states	PROPN
ftr-312	276	31	.	.	PUNCT
ftr-312	277	1	israeli	israeli	ADJ
ftr-312	277	2	-	-	PUNCT
ftr-312	277	3	parented	parent	VERB
ftr-312	277	4	firms	firm	NOUN
ftr-312	277	5	,	,	PUNCT
ftr-312	277	6	for	for	ADP
ftr-312	277	7	example	example	NOUN
ftr-312	277	8	,	,	PUNCT
ftr-312	277	9	comprise	comprise	VERB
ftr-312	277	10	about	about	ADV
ftr-312	277	11	1	1	NUM
ftr-312	277	12	percent	percent	NOUN
ftr-312	277	13	of	of	ADP
ftr-312	277	14	the	the	DET
ftr-312	277	15	firms	firm	NOUN
ftr-312	277	16	that	that	PRON
ftr-312	277	17	conducted	conduct	VERB
ftr-312	277	18	us	we	PRON
ftr-312	277	19	-	-	PUNCT
ftr-312	277	20	based	base	VERB
ftr-312	277	21	ipos	ipos	NOUN
ftr-312	277	22	between	between	ADP
ftr-312	277	23	1997	1997	NUM
ftr-312	277	24	and	and	CCONJ
ftr-312	277	25	2010.54	2010.54	NUM
ftr-312	277	26	one	one	NUM
ftr-312	277	27	lawyer	lawyer	NOUN
ftr-312	277	28	recalled	recall	VERB
ftr-312	277	29	instances	instance	NOUN
ftr-312	277	30	of	of	ADP
ftr-312	277	31	such	such	ADJ
ftr-312	277	32	firms	firm	NOUN
ftr-312	277	33	retaining	retain	VERB
ftr-312	277	34	an	an	DET
ftr-312	277	35	israeli	israeli	ADJ
ftr-312	277	36	-	-	PUNCT
ftr-312	277	37	parented	parent	VERB
ftr-312	277	38	structure	structure	NOUN
ftr-312	277	39	and	and	CCONJ
ftr-312	277	40	establishing	establish	VERB
ftr-312	277	41	us	us	PROPN
ftr-312	277	42	subsidiaries	subsidiary	NOUN
ftr-312	277	43	,	,	PUNCT
ftr-312	277	44	even	even	ADV
ftr-312	277	45	though	though	SCONJ
ftr-312	277	46	the	the	DET
ftr-312	277	47	lawyer	lawyer	NOUN
ftr-312	277	48	thought	think	VERB
ftr-312	277	49	such	such	DET
ftr-312	277	50	an	an	DET
ftr-312	277	51	approach	approach	NOUN
ftr-312	277	52	tended	tend	VERB
ftr-312	277	53	to	to	PART
ftr-312	277	54	produce	produce	VERB
ftr-312	277	55	inefficiencies	inefficiency	NOUN
ftr-312	277	56	since	since	SCONJ
ftr-312	277	57	two	two	NUM
ftr-312	277	58	sets	set	NOUN
ftr-312	277	59	of	of	ADP
ftr-312	277	60	lawyers	lawyer	NOUN
ftr-312	277	61	were	be	AUX
ftr-312	277	62	required	require	VERB
ftr-312	277	63	rather	rather	ADV
ftr-312	277	64	than	than	ADP
ftr-312	277	65	one.55	one.55	NOUN
ftr-312	277	66	another	another	DET
ftr-312	277	67	mentioned	mention	VERB
ftr-312	277	68	israeli	israeli	ADJ
ftr-312	277	69	and	and	CCONJ
ftr-312	277	70	uk	uk	PROPN
ftr-312	277	71	firms	firm	NOUN
ftr-312	277	72	as	as	ADP
ftr-312	277	73	examples	example	NOUN
ftr-312	277	74	of	of	ADP
ftr-312	277	75	non	non	ADJ
ftr-312	277	76	-	-	ADJ
ftr-312	277	77	us	us	ADV
ftr-312	277	78	-	-	PUNCT
ftr-312	277	79	incorporated	incorporate	VERB
ftr-312	277	80	structures	structure	NOUN
ftr-312	277	81	that	that	PRON
ftr-312	277	82	tended	tend	VERB
ftr-312	277	83	to	to	PART
ftr-312	277	84	survive	survive	VERB
ftr-312	277	85	the	the	DET
ftr-312	277	86	migration	migration	NOUN
ftr-312	277	87	to	to	ADP
ftr-312	277	88	the	the	DET
ftr-312	277	89	us	us	PROPN
ftr-312	277	90	venture	venture	NOUN
ftr-312	277	91	capital	capital	NOUN
ftr-312	277	92	market.56	market.56	PROPN
ftr-312	277	93	this	this	PRON
ftr-312	277	94	contrasts	contrast	VERB
ftr-312	277	95	with	with	ADP
ftr-312	277	96	another	another	DET
ftr-312	277	97	reported	report	VERB
ftr-312	277	98	approach	approach	NOUN
ftr-312	277	99	,	,	PUNCT
ftr-312	277	100	in	in	ADP
ftr-312	277	101	which	which	PRON
ftr-312	277	102	a	a	DET
ftr-312	277	103	non	non	ADJ
ftr-312	277	104	-	-	ADJ
ftr-312	277	105	us	us	ADJ
ftr-312	277	106	firm	firm	NOUN
ftr-312	277	107	that	that	PRON
ftr-312	277	108	wants	want	VERB
ftr-312	277	109	to	to	PART
ftr-312	277	110	access	access	VERB
ftr-312	277	111	the	the	DET
ftr-312	277	112	us	us	PROPN
ftr-312	277	113	market	market	NOUN
ftr-312	277	114	reorganizes	reorganize	VERB
ftr-312	277	115	into	into	ADP
ftr-312	277	116	a	a	DET
ftr-312	277	117	us	us	PROPN
ftr-312	277	118	-	-	PUNCT
ftr-312	277	119	parented	parent	VERB
ftr-312	277	120	structure.57	structure.57	NOUN
ftr-312	277	121	similarly	similarly	ADV
ftr-312	277	122	,	,	PUNCT
ftr-312	277	123	some	some	DET
ftr-312	277	124	venture	venture	NOUN
ftr-312	277	125	capital	capital	NOUN
ftr-312	277	126	firms	firm	NOUN
ftr-312	277	127	maintain	maintain	VERB
ftr-312	277	128	non	non	ADJ
ftr-312	277	129	-	-	ADJ
ftr-312	277	130	us	us	ADJ
ftr-312	277	131	offices	office	NOUN
ftr-312	277	132	or	or	CCONJ
ftr-312	277	133	assign	assign	VERB
ftr-312	277	134	certain	certain	ADJ
ftr-312	277	135	partners	partner	NOUN
ftr-312	277	136	to	to	PART
ftr-312	277	137	oversee	oversee	VERB
ftr-312	277	138	non	non	ADJ
ftr-312	277	139	-	-	ADJ
ftr-312	277	140	us	we	PRON
ftr-312	277	141	-	-	PUNCT
ftr-312	277	142	based	base	VERB
ftr-312	277	143	portfolio	portfolio	NOUN
ftr-312	277	144	companies	company	NOUN
ftr-312	277	145	.	.	PUNCT
ftr-312	278	1	these	these	DET
ftr-312	278	2	portfolio	portfolio	NOUN
ftr-312	278	3	companies	company	NOUN
ftr-312	278	4	may	may	AUX
ftr-312	278	5	be	be	AUX
ftr-312	278	6	organized	organize	VERB
ftr-312	278	7	under	under	ADP
ftr-312	278	8	non	non	ADJ
ftr-312	278	9	-	-	ADJ
ftr-312	278	10	us	us	ADJ
ftr-312	278	11	law	law	NOUN
ftr-312	278	12	rather	rather	ADV
ftr-312	278	13	than	than	ADP
ftr-312	278	14	us	we	PRON
ftr-312	278	15	law.58	law.58	ADJ
ftr-312	278	16	examples	example	NOUN
ftr-312	278	17	of	of	ADP
ftr-312	278	18	foreign	foreign	ADJ
ftr-312	278	19	office	office	NOUN
ftr-312	278	20	locations	location	NOUN
ftr-312	278	21	include	include	VERB
ftr-312	278	22	israel	israel	PROPN
ftr-312	278	23	,	,	PUNCT
ftr-312	278	24	india	india	PROPN
ftr-312	278	25	,	,	PUNCT
ftr-312	278	26	and	and	CCONJ
ftr-312	278	27	china	china	PROPN
ftr-312	278	28	.	.	PUNCT
ftr-312	279	1	53	53	NUM
ftr-312	279	2	.	.	PUNCT
ftr-312	279	3	telephone	telephone	NOUN
ftr-312	279	4	interview	interview	NOUN
ftr-312	279	5	with	with	ADP
ftr-312	279	6	san	san	PROPN
ftr-312	279	7	francisco	francisco	PROPN
ftr-312	279	8	entrepreneur	entrepreneur	NOUN
ftr-312	279	9	(	(	PUNCT
ftr-312	279	10	feb	feb	PROPN
ftr-312	279	11	.	.	PROPN
ftr-312	279	12	16	16	NUM
ftr-312	279	13	,	,	PUNCT
ftr-312	279	14	2013	2013	NUM
ftr-312	279	15	)	)	PUNCT
ftr-312	279	16	.	.	PUNCT
ftr-312	280	1	54	54	NUM
ftr-312	280	2	.	.	PUNCT
ftr-312	281	1	see	see	VERB
ftr-312	281	2	allen	allen	PROPN
ftr-312	281	3	&	&	CCONJ
ftr-312	281	4	morse	morse	PROPN
ftr-312	281	5	,	,	PUNCT
ftr-312	281	6	tax	tax	NOUN
ftr-312	281	7	-	-	PUNCT
ftr-312	281	8	haven	haven	NOUN
ftr-312	281	9	incorporation	incorporation	NOUN
ftr-312	281	10	for	for	ADP
ftr-312	281	11	u.s.-headquartered	u.s.-headquartered	ADJ
ftr-312	281	12	firms	firm	NOUN
ftr-312	281	13	,	,	PUNCT
ftr-312	281	14	supra	supra	PROPN
ftr-312	281	15	note	note	NOUN
ftr-312	281	16	3	3	NUM
ftr-312	281	17	,	,	PUNCT
ftr-312	281	18	at	at	ADP
ftr-312	281	19	407	407	NUM
ftr-312	281	20	.	.	PUNCT
ftr-312	282	1	55	55	NUM
ftr-312	282	2	.	.	PUNCT
ftr-312	283	1	telephone	telephone	NOUN
ftr-312	283	2	interview	interview	NOUN
ftr-312	283	3	with	with	ADP
ftr-312	283	4	san	san	PROPN
ftr-312	283	5	francisco	francisco	PROPN
ftr-312	283	6	law	law	NOUN
ftr-312	283	7	firm	firm	NOUN
ftr-312	283	8	partner	partner	NOUN
ftr-312	283	9	(	(	PUNCT
ftr-312	283	10	jan	jan	PROPN
ftr-312	283	11	.	.	PROPN
ftr-312	283	12	28	28	NUM
ftr-312	283	13	,	,	PUNCT
ftr-312	283	14	2013	2013	NUM
ftr-312	283	15	)	)	PUNCT
ftr-312	283	16	.	.	PUNCT
ftr-312	284	1	56	56	NUM
ftr-312	284	2	.	.	PUNCT
ftr-312	284	3	telephone	telephone	NOUN
ftr-312	284	4	interview	interview	NOUN
ftr-312	284	5	with	with	ADP
ftr-312	284	6	silicon	silicon	NOUN
ftr-312	284	7	valley	valley	PROPN
ftr-312	284	8	law	law	PROPN
ftr-312	284	9	firm	firm	NOUN
ftr-312	284	10	partner	partner	NOUN
ftr-312	284	11	(	(	PUNCT
ftr-312	284	12	feb	feb	PROPN
ftr-312	284	13	.	.	PROPN
ftr-312	284	14	27	27	NUM
ftr-312	284	15	,	,	PUNCT
ftr-312	284	16	2013	2013	NUM
ftr-312	284	17	)	)	PUNCT
ftr-312	284	18	.	.	PUNCT
ftr-312	285	1	57	57	NUM
ftr-312	285	2	.	.	X
ftr-312	286	1	e.g.	e.g.	ADV
ftr-312	286	2	,	,	PUNCT
ftr-312	286	3	telephone	telephone	NOUN
ftr-312	286	4	interview	interview	NOUN
ftr-312	286	5	with	with	ADP
ftr-312	286	6	san	san	PROPN
ftr-312	286	7	francisco	francisco	PROPN
ftr-312	286	8	law	law	NOUN
ftr-312	286	9	firm	firm	NOUN
ftr-312	286	10	partner	partner	NOUN
ftr-312	286	11	(	(	PUNCT
ftr-312	286	12	feb	feb	PROPN
ftr-312	286	13	.	.	PROPN
ftr-312	286	14	16	16	NUM
ftr-312	286	15	,	,	PUNCT
ftr-312	286	16	2013	2013	NUM
ftr-312	286	17	)	)	PUNCT
ftr-312	286	18	.	.	PUNCT
ftr-312	287	1	58	58	NUM
ftr-312	287	2	.	.	PUNCT
ftr-312	288	1	for	for	ADP
ftr-312	288	2	example	example	NOUN
ftr-312	288	3	,	,	PUNCT
ftr-312	288	4	sequoia	sequoia	NOUN
ftr-312	288	5	capital	capital	NOUN
ftr-312	288	6	manages	manage	VERB
ftr-312	288	7	portfolios	portfolio	NOUN
ftr-312	288	8	of	of	ADP
ftr-312	288	9	companies	company	NOUN
ftr-312	288	10	based	base	VERB
ftr-312	288	11	in	in	ADP
ftr-312	288	12	india	india	PROPN
ftr-312	288	13	,	,	PUNCT
ftr-312	288	14	see	see	VERB
ftr-312	288	15	sequoia	sequoia	NOUN
ftr-312	288	16	capital	capital	NOUN
ftr-312	288	17	,	,	PUNCT
ftr-312	288	18	http://www.sequoiacap.com/india	http://www.sequoiacap.com/india	X
ftr-312	288	19	(	(	PUNCT
ftr-312	288	20	last	last	ADJ
ftr-312	288	21	visited	visit	VERB
ftr-312	288	22	june	june	PROPN
ftr-312	288	23	3	3	NUM
ftr-312	288	24	,	,	PUNCT
ftr-312	288	25	2013	2013	NUM
ftr-312	288	26	)	)	PUNCT
ftr-312	288	27	,	,	PUNCT
ftr-312	288	28	and	and	CCONJ
ftr-312	288	29	china	china	PROPN
ftr-312	288	30	,	,	PUNCT
ftr-312	288	31	see	see	VERB
ftr-312	288	32	sequoia	sequoia	NOUN
ftr-312	288	33	capital	capital	NOUN
ftr-312	288	34	,	,	PUNCT
ftr-312	288	35	http://www.sequoiacap.cn/en/	http://www.sequoiacap.cn/en/	NOUN
ftr-312	288	36	(	(	PUNCT
ftr-312	288	37	last	last	ADV
ftr-312	288	38	visited	visit	VERB
ftr-312	288	39	june	june	PROPN
ftr-312	288	40	3	3	NUM
ftr-312	288	41	,	,	PUNCT
ftr-312	288	42	2013	2013	NUM
ftr-312	288	43	)	)	PUNCT
ftr-312	288	44	.	.	PUNCT
ftr-312	289	1	the	the	DET
ftr-312	289	2	website	website	NOUN
ftr-312	289	3	of	of	ADP
ftr-312	289	4	bessemer	bessemer	PROPN
ftr-312	289	5	venture	venture	PROPN
ftr-312	289	6	partners	partner	NOUN
ftr-312	289	7	lists	list	VERB
ftr-312	289	8	dozens	dozen	NOUN
ftr-312	289	9	of	of	ADP
ftr-312	289	10	portfolio	portfolio	NOUN
ftr-312	289	11	companies	company	NOUN
ftr-312	289	12	based	base	VERB
ftr-312	289	13	in	in	ADP
ftr-312	289	14	india	india	PROPN
ftr-312	289	15	,	,	PUNCT
ftr-312	289	16	israel	israel	PROPN
ftr-312	289	17	and	and	CCONJ
ftr-312	289	18	europe	europe	PROPN
ftr-312	289	19	,	,	PUNCT
ftr-312	289	20	some	some	PRON
ftr-312	289	21	of	of	ADP
ftr-312	289	22	which	which	PRON
ftr-312	289	23	can	can	AUX
ftr-312	289	24	be	be	AUX
ftr-312	289	25	identified	identify	VERB
ftr-312	289	26	as	as	ADP
ftr-312	289	27	non	non	ADJ
ftr-312	289	28	-	-	ADJ
ftr-312	289	29	us	us	ADJ
ftr-312	289	30	companies	company	NOUN
ftr-312	289	31	by	by	ADP
ftr-312	289	32	their	their	PRON
ftr-312	289	33	“	"	PUNCT
ftr-312	289	34	ltd	ltd	PROPN
ftr-312	289	35	.	.	PUNCT
ftr-312	289	36	”	"	PUNCT
ftr-312	290	1	suffix	suffix	PROPN
ftr-312	290	2	.	.	PUNCT
ftr-312	291	1	see	see	PROPN
ftr-312	291	2	bessemer	bessemer	PROPN
ftr-312	291	3	venture	venture	PROPN
ftr-312	291	4	partners	partner	NOUN
ftr-312	291	5	,	,	PUNCT
ftr-312	291	6	http://www.bvp.com/portfolio	http://www.bvp.com/portfolio	PROPN
ftr-312	291	7	(	(	PUNCT
ftr-312	291	8	last	last	ADJ
ftr-312	291	9	visited	visit	VERB
ftr-312	291	10	june	june	PROPN
ftr-312	291	11	3	3	NUM
ftr-312	291	12	,	,	PUNCT
ftr-312	291	13	2013	2013	NUM
ftr-312	291	14	)	)	PUNCT
ftr-312	291	15	(	(	PUNCT
ftr-312	291	16	sort	sort	ADV
ftr-312	291	17	by	by	ADP
ftr-312	291	18	europe	europe	PROPN
ftr-312	291	19	,	,	PUNCT
ftr-312	291	20	india	india	PROPN
ftr-312	291	21	and	and	CCONJ
ftr-312	291	22	israel	israel	PROPN
ftr-312	291	23	geographies	geography	NOUN
ftr-312	291	24	)	)	PUNCT
ftr-312	291	25	.	.	PUNCT
ftr-312	292	1	334	334	NUM
ftr-312	292	2	florida	florida	PROPN
ftr-312	292	3	tax	tax	NOUN
ftr-312	292	4	review	review	NOUN
ftr-312	292	5	[	[	X
ftr-312	292	6	vol	vol	NOUN
ftr-312	292	7	.	.	PUNCT
ftr-312	293	1	14:8	14:8	NUM
ftr-312	293	2	b.	b.	NOUN
ftr-312	293	3	exceptions	exception	NOUN
ftr-312	293	4	the	the	DET
ftr-312	293	5	dominant	dominant	ADJ
ftr-312	293	6	structure	structure	NOUN
ftr-312	293	7	of	of	ADP
ftr-312	293	8	us	us	PROPN
ftr-312	293	9	incorporation	incorporation	NOUN
ftr-312	293	10	for	for	ADP
ftr-312	293	11	us	we	PRON
ftr-312	293	12	-	-	PUNCT
ftr-312	293	13	based	base	VERB
ftr-312	293	14	startups	startup	NOUN
ftr-312	293	15	is	be	AUX
ftr-312	293	16	subject	subject	ADJ
ftr-312	293	17	to	to	ADP
ftr-312	293	18	several	several	ADJ
ftr-312	293	19	important	important	ADJ
ftr-312	293	20	exceptions	exception	NOUN
ftr-312	293	21	.	.	PUNCT
ftr-312	294	1	this	this	DET
ftr-312	294	2	small	small	ADJ
ftr-312	294	3	set	set	NOUN
ftr-312	294	4	of	of	ADP
ftr-312	294	5	examples	example	NOUN
ftr-312	294	6	of	of	ADP
ftr-312	294	7	usbased	usbased	ADJ
ftr-312	294	8	startups	startup	NOUN
ftr-312	294	9	that	that	PRON
ftr-312	294	10	incorporate	incorporate	VERB
ftr-312	294	11	outside	outside	ADP
ftr-312	294	12	the	the	DET
ftr-312	294	13	united	united	PROPN
ftr-312	294	14	states	states	PROPN
ftr-312	294	15	,	,	PUNCT
ftr-312	294	16	and	and	CCONJ
ftr-312	294	17	in	in	ADP
ftr-312	294	18	particular	particular	ADJ
ftr-312	294	19	in	in	ADP
ftr-312	294	20	tax	tax	NOUN
ftr-312	294	21	havens	haven	NOUN
ftr-312	294	22	,	,	PUNCT
ftr-312	294	23	adds	add	VERB
ftr-312	294	24	context	context	NOUN
ftr-312	294	25	to	to	ADP
ftr-312	294	26	the	the	DET
ftr-312	294	27	default	default	NOUN
ftr-312	294	28	rule	rule	NOUN
ftr-312	294	29	of	of	ADP
ftr-312	294	30	us	us	PROPN
ftr-312	294	31	incorporation	incorporation	NOUN
ftr-312	294	32	.	.	PUNCT
ftr-312	295	1	the	the	DET
ftr-312	295	2	below	below	ADJ
ftr-312	295	3	discussion	discussion	NOUN
ftr-312	295	4	covers	cover	VERB
ftr-312	295	5	exceptions	exception	NOUN
ftr-312	295	6	in	in	ADP
ftr-312	295	7	the	the	DET
ftr-312	295	8	insurance	insurance	NOUN
ftr-312	295	9	,	,	PUNCT
ftr-312	295	10	marine	marine	ADJ
ftr-312	295	11	transportation	transportation	NOUN
ftr-312	295	12	,	,	PUNCT
ftr-312	295	13	and	and	CCONJ
ftr-312	295	14	online	online	ADJ
ftr-312	295	15	gambling	gambling	NOUN
ftr-312	295	16	industries	industry	NOUN
ftr-312	295	17	.	.	PUNCT
ftr-312	296	1	it	it	PRON
ftr-312	296	2	also	also	ADV
ftr-312	296	3	includes	include	VERB
ftr-312	296	4	several	several	ADJ
ftr-312	296	5	other	other	ADJ
ftr-312	296	6	examples	example	NOUN
ftr-312	296	7	of	of	ADP
ftr-312	296	8	firms	firm	NOUN
ftr-312	296	9	that	that	PRON
ftr-312	296	10	do	do	AUX
ftr-312	296	11	not	not	PART
ftr-312	296	12	follow	follow	VERB
ftr-312	296	13	industry	industry	NOUN
ftr-312	296	14	lines	line	NOUN
ftr-312	296	15	.	.	PUNCT
ftr-312	297	1	of	of	ADP
ftr-312	297	2	nearly	nearly	ADV
ftr-312	297	3	3,000	3,000	NUM
ftr-312	297	4	firms	firm	NOUN
ftr-312	297	5	in	in	ADP
ftr-312	297	6	a	a	DET
ftr-312	297	7	dataset	dataset	NOUN
ftr-312	297	8	of	of	ADP
ftr-312	297	9	ipos	ipos	NOUN
ftr-312	297	10	on	on	ADP
ftr-312	297	11	us	us	PROPN
ftr-312	297	12	markets	market	NOUN
ftr-312	297	13	between	between	ADP
ftr-312	297	14	1997	1997	NUM
ftr-312	297	15	and	and	CCONJ
ftr-312	297	16	2010	2010	NUM
ftr-312	297	17	,	,	PUNCT
ftr-312	297	18	only	only	ADV
ftr-312	297	19	forty	forty	NUM
ftr-312	297	20	-	-	PUNCT
ftr-312	297	21	seven	seven	NUM
ftr-312	297	22	were	be	AUX
ftr-312	297	23	us	we	PRON
ftr-312	297	24	-	-	PUNCT
ftr-312	297	25	based	base	VERB
ftr-312	297	26	,	,	PUNCT
ftr-312	297	27	tax	tax	NOUN
ftr-312	297	28	-	-	PUNCT
ftr-312	297	29	haven	haven	NOUN
ftr-312	297	30	-	-	PUNCT
ftr-312	297	31	incorporated	incorporate	VERB
ftr-312	297	32	firms	firm	NOUN
ftr-312	297	33	.	.	PUNCT
ftr-312	298	1	of	of	ADP
ftr-312	298	2	these	these	PRON
ftr-312	298	3	,	,	PUNCT
ftr-312	298	4	thirteen	thirteen	NUM
ftr-312	298	5	were	be	AUX
ftr-312	298	6	insurance	insurance	NOUN
ftr-312	298	7	carriers	carrier	NOUN
ftr-312	298	8	,	,	PUNCT
ftr-312	298	9	which	which	PRON
ftr-312	298	10	generally	generally	ADV
ftr-312	298	11	insure	insure	VERB
ftr-312	298	12	us	we	PRON
ftr-312	298	13	risks.59	risks.59	VERB
ftr-312	298	14	the	the	DET
ftr-312	298	15	structure	structure	NOUN
ftr-312	298	16	of	of	ADP
ftr-312	298	17	such	such	DET
ftr-312	298	18	an	an	DET
ftr-312	298	19	insurance	insurance	NOUN
ftr-312	298	20	company	company	NOUN
ftr-312	298	21	typically	typically	ADV
ftr-312	298	22	features	feature	VERB
ftr-312	298	23	a	a	DET
ftr-312	298	24	bermuda	bermuda	NOUN
ftr-312	298	25	parent	parent	NOUN
ftr-312	298	26	and	and	CCONJ
ftr-312	298	27	a	a	DET
ftr-312	298	28	us	us	PROPN
ftr-312	298	29	subsidiary	subsidiary	NOUN
ftr-312	298	30	.	.	PUNCT
ftr-312	299	1	the	the	DET
ftr-312	299	2	us	us	PROPN
ftr-312	299	3	subsidiary	subsidiary	NOUN
ftr-312	299	4	sources	source	NOUN
ftr-312	299	5	and	and	CCONJ
ftr-312	299	6	services	service	NOUN
ftr-312	299	7	the	the	DET
ftr-312	299	8	insurance	insurance	NOUN
ftr-312	299	9	policies	policy	NOUN
ftr-312	299	10	covering	cover	VERB
ftr-312	299	11	us	we	PRON
ftr-312	299	12	risks	risk	NOUN
ftr-312	299	13	,	,	PUNCT
ftr-312	299	14	while	while	SCONJ
ftr-312	299	15	premiums	premium	NOUN
ftr-312	299	16	paid	pay	VERB
ftr-312	299	17	to	to	ADP
ftr-312	299	18	the	the	DET
ftr-312	299	19	us	us	PROPN
ftr-312	299	20	subsidiary	subsidiary	NOUN
ftr-312	299	21	are	be	AUX
ftr-312	299	22	substantially	substantially	ADV
ftr-312	299	23	eroded	erode	VERB
ftr-312	299	24	by	by	ADP
ftr-312	299	25	means	mean	NOUN
ftr-312	299	26	of	of	ADP
ftr-312	299	27	deductible	deductible	ADJ
ftr-312	299	28	reinsurance	reinsurance	NOUN
ftr-312	299	29	payments	payment	NOUN
ftr-312	299	30	made	make	VERB
ftr-312	299	31	to	to	ADP
ftr-312	299	32	a	a	DET
ftr-312	299	33	bermuda	bermuda	NOUN
ftr-312	299	34	affiliate.60	affiliate.60	PROPN
ftr-312	299	35	as	as	SCONJ
ftr-312	299	36	described	describe	VERB
ftr-312	299	37	in	in	ADP
ftr-312	299	38	part	part	NOUN
ftr-312	299	39	iv	iv	ADP
ftr-312	299	40	,	,	PUNCT
ftr-312	299	41	a	a	DET
ftr-312	299	42	collection	collection	NOUN
ftr-312	299	43	of	of	ADP
ftr-312	299	44	rules	rule	NOUN
ftr-312	299	45	,	,	PUNCT
ftr-312	299	46	primarily	primarily	ADV
ftr-312	299	47	tax	tax	NOUN
ftr-312	299	48	rules	rule	NOUN
ftr-312	299	49	,	,	PUNCT
ftr-312	299	50	facilitates	facilitate	VERB
ftr-312	299	51	insurance	insurance	NOUN
ftr-312	299	52	firms	firm	NOUN
ftr-312	299	53	’	’	PART
ftr-312	299	54	decision	decision	NOUN
ftr-312	299	55	to	to	PART
ftr-312	299	56	incorporate	incorporate	VERB
ftr-312	299	57	in	in	ADP
ftr-312	299	58	bermuda	bermuda	PROPN
ftr-312	299	59	.	.	PUNCT
ftr-312	300	1	marine	marine	PROPN
ftr-312	300	2	transportation	transportation	NOUN
ftr-312	300	3	is	be	AUX
ftr-312	300	4	the	the	DET
ftr-312	300	5	second	second	ADJ
ftr-312	300	6	industrial	industrial	ADJ
ftr-312	300	7	category	category	NOUN
ftr-312	300	8	identified	identify	VERB
ftr-312	300	9	as	as	ADP
ftr-312	300	10	a	a	DET
ftr-312	300	11	typical	typical	ADJ
ftr-312	300	12	candidate	candidate	NOUN
ftr-312	300	13	for	for	ADP
ftr-312	300	14	a	a	DET
ftr-312	300	15	us	us	PROPN
ftr-312	300	16	-	-	PUNCT
ftr-312	300	17	based	base	VERB
ftr-312	300	18	,	,	PUNCT
ftr-312	300	19	tax	tax	NOUN
ftr-312	300	20	-	-	PUNCT
ftr-312	300	21	haven	haven	NOUN
ftr-312	300	22	-	-	PUNCT
ftr-312	300	23	incorporated	incorporate	VERB
ftr-312	300	24	firm	firm	ADJ
ftr-312	300	25	structure	structure	NOUN
ftr-312	300	26	in	in	ADP
ftr-312	300	27	the	the	DET
ftr-312	300	28	study	study	NOUN
ftr-312	300	29	of	of	ADP
ftr-312	300	30	us	us	PROPN
ftr-312	300	31	ipo	ipo	PROPN
ftr-312	300	32	data	datum	NOUN
ftr-312	300	33	.	.	PUNCT
ftr-312	301	1	four	four	NUM
ftr-312	301	2	firms	firm	NOUN
ftr-312	301	3	out	out	ADP
ftr-312	301	4	of	of	ADP
ftr-312	301	5	the	the	DET
ftr-312	301	6	forty	forty	NUM
ftr-312	301	7	-	-	PUNCT
ftr-312	301	8	seven	seven	NUM
ftr-312	301	9	identified	identify	VERB
ftr-312	301	10	in	in	ADP
ftr-312	301	11	the	the	DET
ftr-312	301	12	ipo	ipo	NOUN
ftr-312	301	13	study	study	NOUN
ftr-312	301	14	were	be	AUX
ftr-312	301	15	marine	marine	ADJ
ftr-312	301	16	transportation	transportation	NOUN
ftr-312	301	17	firms.61	firms.61	NOUN
ftr-312	301	18	each	each	PRON
ftr-312	301	19	of	of	ADP
ftr-312	301	20	the	the	DET
ftr-312	301	21	four	four	NUM
ftr-312	301	22	firms	firm	NOUN
ftr-312	301	23	identified	identify	VERB
ftr-312	301	24	in	in	ADP
ftr-312	301	25	the	the	DET
ftr-312	301	26	data	datum	NOUN
ftr-312	301	27	set	set	VERB
ftr-312	301	28	engages	engage	VERB
ftr-312	301	29	in	in	ADP
ftr-312	301	30	commercial	commercial	ADJ
ftr-312	301	31	shipping	shipping	NOUN
ftr-312	301	32	,	,	PUNCT
ftr-312	301	33	but	but	CCONJ
ftr-312	301	34	other	other	ADJ
ftr-312	301	35	59	59	NUM
ftr-312	301	36	.	.	PUNCT
ftr-312	302	1	see	see	VERB
ftr-312	302	2	allen	allen	PROPN
ftr-312	302	3	&	&	CCONJ
ftr-312	302	4	morse	morse	PROPN
ftr-312	302	5	,	,	PUNCT
ftr-312	302	6	tax	tax	NOUN
ftr-312	302	7	-	-	PUNCT
ftr-312	302	8	haven	haven	NOUN
ftr-312	302	9	incorporation	incorporation	NOUN
ftr-312	302	10	for	for	ADP
ftr-312	302	11	u.s.-headquartered	u.s.-headquartered	ADJ
ftr-312	302	12	firms	firm	NOUN
ftr-312	302	13	,	,	PUNCT
ftr-312	302	14	supra	supra	PROPN
ftr-312	302	15	note	note	NOUN
ftr-312	302	16	3	3	NUM
ftr-312	302	17	,	,	PUNCT
ftr-312	302	18	at	at	ADP
ftr-312	302	19	413–15	413–15	PROPN
ftr-312	302	20	.	.	PUNCT
ftr-312	303	1	some	some	PRON
ftr-312	303	2	of	of	ADP
ftr-312	303	3	the	the	DET
ftr-312	303	4	bermuda	bermuda	NOUN
ftr-312	303	5	-	-	PUNCT
ftr-312	303	6	parented	parent	VERB
ftr-312	303	7	insurance	insurance	NOUN
ftr-312	303	8	firms	firm	NOUN
ftr-312	303	9	in	in	ADP
ftr-312	303	10	the	the	DET
ftr-312	303	11	ipo	ipo	NOUN
ftr-312	303	12	dataset	dataset	VERB
ftr-312	303	13	fit	fit	VERB
ftr-312	303	14	the	the	DET
ftr-312	303	15	definition	definition	NOUN
ftr-312	303	16	of	of	ADP
ftr-312	303	17	startup	startup	NOUN
ftr-312	303	18	used	use	VERB
ftr-312	303	19	in	in	ADP
ftr-312	303	20	this	this	DET
ftr-312	303	21	article	article	NOUN
ftr-312	303	22	.	.	PUNCT
ftr-312	304	1	as	as	ADP
ftr-312	304	2	an	an	DET
ftr-312	304	3	example	example	NOUN
ftr-312	304	4	,	,	PUNCT
ftr-312	304	5	validus	validus	PROPN
ftr-312	304	6	holdings	holding	NOUN
ftr-312	304	7	re	re	PROPN
ftr-312	304	8	,	,	PUNCT
ftr-312	304	9	which	which	PRON
ftr-312	304	10	went	go	VERB
ftr-312	304	11	public	public	ADJ
ftr-312	304	12	in	in	ADP
ftr-312	304	13	july	july	PROPN
ftr-312	304	14	2007	2007	NUM
ftr-312	304	15	,	,	PUNCT
ftr-312	304	16	disclosed	disclose	VERB
ftr-312	304	17	that	that	SCONJ
ftr-312	304	18	it	it	PRON
ftr-312	304	19	was	be	AUX
ftr-312	304	20	“	"	PUNCT
ftr-312	304	21	formed	form	VERB
ftr-312	304	22	in	in	ADP
ftr-312	304	23	october	october	PROPN
ftr-312	304	24	2005	2005	NUM
ftr-312	304	25	”	"	PUNCT
ftr-312	304	26	with	with	ADP
ftr-312	304	27	the	the	DET
ftr-312	304	28	sponsorship	sponsorship	NOUN
ftr-312	304	29	of	of	ADP
ftr-312	304	30	a	a	DET
ftr-312	304	31	set	set	NOUN
ftr-312	304	32	of	of	ADP
ftr-312	304	33	private	private	ADJ
ftr-312	304	34	equity	equity	NOUN
ftr-312	304	35	funds	fund	NOUN
ftr-312	304	36	.	.	PUNCT
ftr-312	305	1	see	see	VERB
ftr-312	305	2	validus	validus	PROPN
ftr-312	305	3	holdings	holdings	PROPN
ftr-312	305	4	ltd	ltd	PROPN
ftr-312	305	5	.	.	PROPN
ftr-312	305	6	,	,	PUNCT
ftr-312	305	7	registration	registration	NOUN
ftr-312	305	8	statement	statement	NOUN
ftr-312	305	9	(	(	PUNCT
ftr-312	305	10	form	form	NOUN
ftr-312	305	11	s-1a	s-1a	NOUN
ftr-312	305	12	)	)	PUNCT
ftr-312	305	13	2	2	NUM
ftr-312	305	14	(	(	PUNCT
ftr-312	305	15	july	july	PROPN
ftr-312	305	16	19	19	NUM
ftr-312	305	17	,	,	PUNCT
ftr-312	305	18	2007	2007	NUM
ftr-312	305	19	)	)	PUNCT
ftr-312	305	20	,	,	PUNCT
ftr-312	305	21	http://www.sec.gov/archives/edgar/data/1348259/000095012307010068/e28184a6s	http://www.sec.gov/archives/edgar/data/1348259/000095012307010068/e28184a6	VERB
ftr-312	305	22	v1za.htm	v1za.htm	PROPN
ftr-312	305	23	.	.	PUNCT
ftr-312	306	1	60	60	NUM
ftr-312	306	2	.	.	PUNCT
ftr-312	307	1	see	see	VERB
ftr-312	307	2	nysba	nysba	NOUN
ftr-312	307	3	outbound	outbound	NOUN
ftr-312	307	4	inversion	inversion	NOUN
ftr-312	307	5	transactions	transaction	NOUN
ftr-312	307	6	report	report	NOUN
ftr-312	307	7	,	,	PUNCT
ftr-312	307	8	supra	supra	PROPN
ftr-312	307	9	note	note	PROPN
ftr-312	307	10	25	25	NUM
ftr-312	307	11	,	,	PUNCT
ftr-312	307	12	at	at	ADP
ftr-312	307	13	27–29	27–29	NUM
ftr-312	307	14	(	(	PUNCT
ftr-312	307	15	describing	describe	VERB
ftr-312	307	16	bermuda	bermuda	NOUN
ftr-312	307	17	-	-	PUNCT
ftr-312	307	18	parented	parent	VERB
ftr-312	307	19	insurance	insurance	NOUN
ftr-312	307	20	company	company	NOUN
ftr-312	307	21	structure	structure	NOUN
ftr-312	307	22	)	)	PUNCT
ftr-312	307	23	.	.	PUNCT
ftr-312	308	1	61	61	NUM
ftr-312	308	2	.	.	PUNCT
ftr-312	309	1	see	see	VERB
ftr-312	309	2	allen	allen	PROPN
ftr-312	309	3	&	&	CCONJ
ftr-312	309	4	morse	morse	PROPN
ftr-312	309	5	,	,	PUNCT
ftr-312	309	6	tax	tax	NOUN
ftr-312	309	7	-	-	PUNCT
ftr-312	309	8	haven	haven	NOUN
ftr-312	309	9	incorporation	incorporation	NOUN
ftr-312	309	10	for	for	ADP
ftr-312	309	11	u.s.-headquartered	u.s.-headquartered	ADJ
ftr-312	309	12	firms	firm	NOUN
ftr-312	309	13	,	,	PUNCT
ftr-312	309	14	supra	supra	PROPN
ftr-312	309	15	note	note	NOUN
ftr-312	309	16	3	3	NUM
ftr-312	309	17	,	,	PUNCT
ftr-312	309	18	at	at	ADP
ftr-312	309	19	413–15	413–15	PROPN
ftr-312	309	20	.	.	PUNCT
ftr-312	310	1	some	some	PRON
ftr-312	310	2	of	of	ADP
ftr-312	310	3	the	the	DET
ftr-312	310	4	tax	tax	NOUN
ftr-312	310	5	-	-	PUNCT
ftr-312	310	6	haven	haven	NOUN
ftr-312	310	7	-	-	PUNCT
ftr-312	310	8	parented	parent	VERB
ftr-312	310	9	marine	marine	ADJ
ftr-312	310	10	transportation	transportation	NOUN
ftr-312	310	11	firms	firm	NOUN
ftr-312	310	12	in	in	ADP
ftr-312	310	13	the	the	DET
ftr-312	310	14	ipo	ipo	NOUN
ftr-312	310	15	dataset	dataset	VERB
ftr-312	310	16	fit	fit	VERB
ftr-312	310	17	the	the	DET
ftr-312	310	18	definition	definition	NOUN
ftr-312	310	19	of	of	ADP
ftr-312	310	20	startup	startup	NOUN
ftr-312	310	21	used	use	VERB
ftr-312	310	22	in	in	ADP
ftr-312	310	23	this	this	DET
ftr-312	310	24	article	article	NOUN
ftr-312	310	25	.	.	PUNCT
ftr-312	311	1	as	as	ADP
ftr-312	311	2	an	an	DET
ftr-312	311	3	example	example	NOUN
ftr-312	311	4	,	,	PUNCT
ftr-312	311	5	general	general	ADJ
ftr-312	311	6	maritime	maritime	ADJ
ftr-312	311	7	corporation	corporation	NOUN
ftr-312	311	8	,	,	PUNCT
ftr-312	311	9	a	a	DET
ftr-312	311	10	marshall	marshall	PROPN
ftr-312	311	11	islands	islands	PROPN
ftr-312	311	12	corporation	corporation	NOUN
ftr-312	311	13	which	which	PRON
ftr-312	311	14	went	go	VERB
ftr-312	311	15	public	public	ADJ
ftr-312	311	16	in	in	ADP
ftr-312	311	17	june	june	PROPN
ftr-312	311	18	2001	2001	NUM
ftr-312	311	19	,	,	PUNCT
ftr-312	311	20	disclosed	disclose	VERB
ftr-312	311	21	that	that	SCONJ
ftr-312	311	22	it	it	PRON
ftr-312	311	23	was	be	AUX
ftr-312	311	24	“	"	PUNCT
ftr-312	311	25	newly	newly	ADV
ftr-312	311	26	formed	form	VERB
ftr-312	311	27	”	"	PUNCT
ftr-312	311	28	and	and	CCONJ
ftr-312	311	29	would	would	AUX
ftr-312	311	30	assemble	assemble	VERB
ftr-312	311	31	vessels	vessel	NOUN
ftr-312	311	32	and	and	CCONJ
ftr-312	311	33	support	support	NOUN
ftr-312	311	34	services	service	NOUN
ftr-312	311	35	assets	asset	NOUN
ftr-312	311	36	from	from	ADP
ftr-312	311	37	three	three	NUM
ftr-312	311	38	different	different	ADJ
ftr-312	311	39	sources	source	NOUN
ftr-312	311	40	.	.	PUNCT
ftr-312	312	1	see	see	VERB
ftr-312	312	2	general	general	ADJ
ftr-312	312	3	maritime	maritime	ADJ
ftr-312	312	4	corporation	corporation	NOUN
ftr-312	312	5	,	,	PUNCT
ftr-312	312	6	registration	registration	NOUN
ftr-312	312	7	statement	statement	NOUN
ftr-312	312	8	(	(	PUNCT
ftr-312	312	9	form	form	NOUN
ftr-312	312	10	s-1a	s-1a	NOUN
ftr-312	312	11	)	)	PUNCT
ftr-312	312	12	3–4	3–4	NUM
ftr-312	312	13	(	(	PUNCT
ftr-312	312	14	june	june	PROPN
ftr-312	312	15	12	12	NUM
ftr-312	312	16	,	,	PUNCT
ftr-312	312	17	2001	2001	NUM
ftr-312	312	18	)	)	PUNCT
ftr-312	312	19	,	,	PUNCT
ftr-312	312	20	http://www.sec.gov/archives/edgar/data/1127269/00009120570151949/	http://www.sec.gov/archives/edgar/data/1127269/00009120570151949/	PROPN
ftr-312	312	21	a2051255zs-1a.txt	a2051255zs-1a.txt	ADJ
ftr-312	312	22	.	.	PUNCT
ftr-312	313	1	2013	2013	NUM
ftr-312	313	2	]	]	PUNCT
ftr-312	313	3	tax	tax	NOUN
ftr-312	313	4	planning	planning	NOUN
ftr-312	313	5	and	and	CCONJ
ftr-312	313	6	initial	initial	ADJ
ftr-312	313	7	incorporation	incorporation	NOUN
ftr-312	313	8	location	location	NOUN
ftr-312	313	9	335	335	NUM
ftr-312	313	10	international	international	ADJ
ftr-312	313	11	marine	marine	ADJ
ftr-312	313	12	transportation	transportation	NOUN
ftr-312	313	13	businesses	business	NOUN
ftr-312	313	14	,	,	PUNCT
ftr-312	313	15	such	such	ADJ
ftr-312	313	16	as	as	ADP
ftr-312	313	17	passenger	passenger	NOUN
ftr-312	313	18	cruise	cruise	NOUN
ftr-312	313	19	lines	line	NOUN
ftr-312	313	20	,	,	PUNCT
ftr-312	313	21	also	also	ADV
ftr-312	313	22	use	use	VERB
ftr-312	313	23	tax	tax	NOUN
ftr-312	313	24	haven	haven	NOUN
ftr-312	313	25	parents.62	parents.62	PROPN
ftr-312	313	26	online	online	ADJ
ftr-312	313	27	gambling	gambling	NOUN
ftr-312	313	28	provides	provide	VERB
ftr-312	313	29	another	another	DET
ftr-312	313	30	example	example	NOUN
ftr-312	313	31	of	of	ADP
ftr-312	313	32	an	an	DET
ftr-312	313	33	industry	industry	NOUN
ftr-312	313	34	in	in	ADP
ftr-312	313	35	which	which	PRON
ftr-312	313	36	firms	firm	NOUN
ftr-312	313	37	that	that	PRON
ftr-312	313	38	target	target	VERB
ftr-312	313	39	the	the	DET
ftr-312	313	40	us	us	PROPN
ftr-312	313	41	market	market	NOUN
ftr-312	313	42	have	have	AUX
ftr-312	313	43	used	use	VERB
ftr-312	313	44	tax	tax	NOUN
ftr-312	313	45	-	-	PUNCT
ftr-312	313	46	haven	haven	NOUN
ftr-312	313	47	-	-	PUNCT
ftr-312	313	48	parented	parent	VERB
ftr-312	313	49	structures	structure	NOUN
ftr-312	313	50	.	.	PUNCT
ftr-312	314	1	for	for	ADP
ftr-312	314	2	example	example	NOUN
ftr-312	314	3	,	,	PUNCT
ftr-312	314	4	one	one	NUM
ftr-312	314	5	leading	lead	VERB
ftr-312	314	6	company	company	NOUN
ftr-312	314	7	incorporated	incorporate	VERB
ftr-312	314	8	in	in	ADP
ftr-312	314	9	gibraltar	gibraltar	NOUN
ftr-312	314	10	conducted	conduct	VERB
ftr-312	314	11	an	an	DET
ftr-312	314	12	ipo	ipo	NOUN
ftr-312	314	13	on	on	ADP
ftr-312	314	14	the	the	DET
ftr-312	314	15	london	london	PROPN
ftr-312	314	16	stock	stock	NOUN
ftr-312	314	17	exchange	exchange	NOUN
ftr-312	314	18	in	in	ADP
ftr-312	314	19	2005	2005	NUM
ftr-312	314	20	using	use	VERB
ftr-312	314	21	a	a	DET
ftr-312	314	22	proxy	proxy	ADJ
ftr-312	314	23	statement	statement	NOUN
ftr-312	314	24	that	that	PRON
ftr-312	314	25	reportedly	reportedly	ADV
ftr-312	314	26	disclosed	disclose	VERB
ftr-312	314	27	that	that	SCONJ
ftr-312	314	28	90	90	NUM
ftr-312	314	29	percent	percent	NOUN
ftr-312	314	30	of	of	ADP
ftr-312	314	31	its	its	PRON
ftr-312	314	32	customers	customer	NOUN
ftr-312	314	33	were	be	AUX
ftr-312	314	34	us.63	us.63	ADJ
ftr-312	314	35	as	as	ADV
ftr-312	314	36	further	far	ADV
ftr-312	314	37	discussed	discuss	VERB
ftr-312	314	38	in	in	ADP
ftr-312	314	39	part	part	NOUN
ftr-312	314	40	iv	iv	ADP
ftr-312	314	41	,	,	PUNCT
ftr-312	314	42	industry	industry	NOUN
ftr-312	314	43	-	-	PUNCT
ftr-312	314	44	specific	specific	ADJ
ftr-312	314	45	reasons	reason	NOUN
ftr-312	314	46	encourage	encourage	VERB
ftr-312	314	47	the	the	DET
ftr-312	314	48	use	use	NOUN
ftr-312	314	49	of	of	ADP
ftr-312	314	50	taxhaven	taxhaven	VERB
ftr-312	314	51	-	-	PUNCT
ftr-312	314	52	parented	parent	VERB
ftr-312	314	53	structures	structure	NOUN
ftr-312	314	54	for	for	ADP
ftr-312	314	55	us	we	PRON
ftr-312	314	56	-	-	PUNCT
ftr-312	314	57	based	base	VERB
ftr-312	314	58	firms	firm	NOUN
ftr-312	314	59	in	in	ADP
ftr-312	314	60	the	the	DET
ftr-312	314	61	insurance	insurance	NOUN
ftr-312	314	62	,	,	PUNCT
ftr-312	314	63	marine	marine	ADJ
ftr-312	314	64	transportation	transportation	NOUN
ftr-312	314	65	and	and	CCONJ
ftr-312	314	66	online	online	ADJ
ftr-312	314	67	gambling	gambling	NOUN
ftr-312	314	68	examples	example	NOUN
ftr-312	314	69	.	.	PUNCT
ftr-312	315	1	other	other	ADJ
ftr-312	315	2	examples	example	NOUN
ftr-312	315	3	of	of	ADP
ftr-312	315	4	tax	tax	NOUN
ftr-312	315	5	-	-	PUNCT
ftr-312	315	6	haven	haven	NOUN
ftr-312	315	7	-	-	PUNCT
ftr-312	315	8	parented	parent	VERB
ftr-312	315	9	,	,	PUNCT
ftr-312	315	10	us	we	PRON
ftr-312	315	11	-	-	PUNCT
ftr-312	315	12	based	base	VERB
ftr-312	315	13	startup	startup	NOUN
ftr-312	315	14	firms	firm	NOUN
ftr-312	315	15	resist	resist	VERB
ftr-312	315	16	categorization	categorization	NOUN
ftr-312	315	17	along	along	ADP
ftr-312	315	18	industry	industry	NOUN
ftr-312	315	19	lines	line	NOUN
ftr-312	315	20	.	.	PUNCT
ftr-312	316	1	because	because	SCONJ
ftr-312	316	2	of	of	ADP
ftr-312	316	3	the	the	DET
ftr-312	316	4	small	small	ADJ
ftr-312	316	5	sample	sample	NOUN
ftr-312	316	6	size	size	NOUN
ftr-312	316	7	and	and	CCONJ
ftr-312	316	8	inconsistency	inconsistency	NOUN
ftr-312	316	9	of	of	ADP
ftr-312	316	10	data	datum	NOUN
ftr-312	316	11	in	in	ADP
ftr-312	316	12	publicly	publicly	ADV
ftr-312	316	13	available	available	ADJ
ftr-312	316	14	disclosures	disclosure	NOUN
ftr-312	316	15	,	,	PUNCT
ftr-312	316	16	these	these	DET
ftr-312	316	17	examples	example	NOUN
ftr-312	316	18	also	also	ADV
ftr-312	316	19	resist	resist	VERB
ftr-312	316	20	statistical	statistical	ADJ
ftr-312	316	21	analysis	analysis	NOUN
ftr-312	316	22	.	.	PUNCT
ftr-312	317	1	they	they	PRON
ftr-312	317	2	include	include	VERB
ftr-312	317	3	firms	firm	NOUN
ftr-312	317	4	with	with	ADP
ftr-312	317	5	less	less	ADV
ftr-312	317	6	restrictive	restrictive	ADJ
ftr-312	317	7	resource	resource	NOUN
ftr-312	317	8	constraints	constraint	NOUN
ftr-312	317	9	and/or	and/or	CCONJ
ftr-312	317	10	non	non	NOUN
ftr-312	317	11	-	-	ADJ
ftr-312	317	12	us	us	ADJ
ftr-312	317	13	investors	investor	NOUN
ftr-312	317	14	that	that	PRON
ftr-312	317	15	own	own	VERB
ftr-312	317	16	a	a	DET
ftr-312	317	17	significant	significant	ADJ
ftr-312	317	18	percentage	percentage	NOUN
ftr-312	317	19	of	of	ADP
ftr-312	317	20	stock	stock	NOUN
ftr-312	317	21	.	.	PUNCT
ftr-312	318	1	firms	firm	NOUN
ftr-312	318	2	with	with	ADP
ftr-312	318	3	less	less	ADV
ftr-312	318	4	restrictive	restrictive	ADJ
ftr-312	318	5	resource	resource	NOUN
ftr-312	318	6	constraints	constraint	NOUN
ftr-312	318	7	,	,	PUNCT
ftr-312	318	8	including	include	VERB
ftr-312	318	9	an	an	DET
ftr-312	318	10	absence	absence	NOUN
ftr-312	318	11	of	of	ADP
ftr-312	318	12	dependence	dependence	NOUN
ftr-312	318	13	on	on	ADP
ftr-312	318	14	deferred	defer	VERB
ftr-312	318	15	law	law	NOUN
ftr-312	318	16	firm	firm	NOUN
ftr-312	318	17	fee	fee	NOUN
ftr-312	318	18	arrangements	arrangement	NOUN
ftr-312	318	19	or	or	CCONJ
ftr-312	318	20	post	post	ADJ
ftr-312	318	21	-	-	ADJ
ftr-312	318	22	incorporation	incorporation	ADJ
ftr-312	318	23	venture	venture	NOUN
ftr-312	318	24	capital	capital	NOUN
ftr-312	318	25	financing	financing	NOUN
ftr-312	318	26	,	,	PUNCT
ftr-312	318	27	include	include	VERB
ftr-312	318	28	several	several	ADJ
ftr-312	318	29	funded	fund	VERB
ftr-312	318	30	by	by	ADP
ftr-312	318	31	established	establish	VERB
ftr-312	318	32	public	public	ADJ
ftr-312	318	33	corporations	corporation	NOUN
ftr-312	318	34	such	such	ADJ
ftr-312	318	35	as	as	ADP
ftr-312	318	36	motorola,64	motorola,64	NOUN
ftr-312	318	37	sun65	sun65	NOUN
ftr-312	318	38	and	and	CCONJ
ftr-312	318	39	tyco	tyco	NOUN
ftr-312	318	40	international.66	international.66	NOUN
ftr-312	318	41	in	in	ADP
ftr-312	318	42	one	one	NUM
ftr-312	318	43	other	other	ADJ
ftr-312	318	44	62	62	NUM
ftr-312	318	45	.	.	PUNCT
ftr-312	319	1	carnival	carnival	NOUN
ftr-312	319	2	,	,	PUNCT
ftr-312	319	3	for	for	ADP
ftr-312	319	4	example	example	NOUN
ftr-312	319	5	,	,	PUNCT
ftr-312	319	6	incorporated	incorporate	VERB
ftr-312	319	7	in	in	ADP
ftr-312	319	8	panama	panama	NOUN
ftr-312	319	9	in	in	ADP
ftr-312	319	10	1972	1972	NUM
ftr-312	319	11	and	and	CCONJ
ftr-312	319	12	operates	operate	VERB
ftr-312	319	13	as	as	ADP
ftr-312	319	14	a	a	DET
ftr-312	319	15	dual	dual	ADJ
ftr-312	319	16	listed	list	VERB
ftr-312	319	17	company	company	NOUN
ftr-312	319	18	with	with	ADP
ftr-312	319	19	carnival	carnival	PROPN
ftr-312	319	20	plc	plc	PROPN
ftr-312	319	21	,	,	PUNCT
ftr-312	319	22	a	a	DET
ftr-312	319	23	uk	uk	PROPN
ftr-312	319	24	company	company	NOUN
ftr-312	319	25	organized	organize	VERB
ftr-312	319	26	in	in	ADP
ftr-312	319	27	2000	2000	NUM
ftr-312	319	28	.	.	PUNCT
ftr-312	320	1	see	see	VERB
ftr-312	320	2	carnival	carnival	NOUN
ftr-312	320	3	corporation	corporation	PROPN
ftr-312	320	4	annual	annual	ADJ
ftr-312	320	5	report	report	NOUN
ftr-312	320	6	(	(	PUNCT
ftr-312	320	7	form	form	NOUN
ftr-312	320	8	10	10	NUM
ftr-312	320	9	-	-	PUNCT
ftr-312	320	10	k	k	NOUN
ftr-312	320	11	)	)	PUNCT
ftr-312	320	12	3	3	NUM
ftr-312	320	13	(	(	PUNCT
ftr-312	320	14	jan	jan	PROPN
ftr-312	320	15	.	.	PROPN
ftr-312	320	16	30	30	NUM
ftr-312	320	17	,	,	PUNCT
ftr-312	320	18	2011	2011	NUM
ftr-312	320	19	)	)	PUNCT
ftr-312	320	20	,	,	PUNCT
ftr-312	320	21	http://www.sec.gov/archives/edgar/data/815097/000119312511018320/d10k.htm	http://www.sec.gov/archives/edgar/data/815097/000119312511018320/d10k.htm	PROPN
ftr-312	320	22	.	.	PUNCT
ftr-312	320	23	royal	royal	ADJ
ftr-312	320	24	caribbean	caribbean	PROPN
ftr-312	320	25	reports	report	VERB
ftr-312	320	26	that	that	SCONJ
ftr-312	320	27	it	it	PRON
ftr-312	320	28	“	"	PUNCT
ftr-312	320	29	was	be	AUX
ftr-312	320	30	founded	found	VERB
ftr-312	320	31	in	in	ADP
ftr-312	320	32	1968	1968	NUM
ftr-312	320	33	as	as	ADP
ftr-312	320	34	a	a	DET
ftr-312	320	35	partnership	partnership	NOUN
ftr-312	320	36	.	.	PUNCT
ftr-312	321	1	its	its	PRON
ftr-312	321	2	corporate	corporate	ADJ
ftr-312	321	3	structure	structure	NOUN
ftr-312	321	4	evolved	evolve	VERB
ftr-312	321	5	over	over	ADP
ftr-312	321	6	the	the	DET
ftr-312	321	7	years	year	NOUN
ftr-312	321	8	and	and	CCONJ
ftr-312	321	9	the	the	DET
ftr-312	321	10	current	current	ADJ
ftr-312	321	11	parent	parent	NOUN
ftr-312	321	12	corporation	corporation	NOUN
ftr-312	321	13	,	,	PUNCT
ftr-312	321	14	royal	royal	ADJ
ftr-312	321	15	caribbean	caribbean	PROPN
ftr-312	321	16	cruises	cruises	PROPN
ftr-312	321	17	ltd	ltd	PROPN
ftr-312	321	18	.	.	PROPN
ftr-312	321	19	,	,	PUNCT
ftr-312	321	20	was	be	AUX
ftr-312	321	21	incorporated	incorporate	VERB
ftr-312	321	22	on	on	ADP
ftr-312	321	23	july	july	PROPN
ftr-312	321	24	23	23	NUM
ftr-312	321	25	,	,	PUNCT
ftr-312	321	26	1985	1985	NUM
ftr-312	321	27	in	in	ADP
ftr-312	321	28	the	the	DET
ftr-312	321	29	republic	republic	NOUN
ftr-312	321	30	of	of	ADP
ftr-312	321	31	liberia	liberia	PROPN
ftr-312	321	32	.	.	PUNCT
ftr-312	321	33	.	.	PUNCT
ftr-312	321	34	.	.	PUNCT
ftr-312	322	1	.	.	PUNCT
ftr-312	322	2	”	"	PUNCT
ftr-312	323	1	see	see	VERB
ftr-312	323	2	royal	royal	ADJ
ftr-312	323	3	caribbean	caribbean	PROPN
ftr-312	323	4	cruises	cruises	PROPN
ftr-312	323	5	ltd	ltd	PROPN
ftr-312	323	6	.	.	PROPN
ftr-312	323	7	,	,	PUNCT
ftr-312	323	8	annual	annual	ADJ
ftr-312	323	9	report	report	NOUN
ftr-312	323	10	(	(	PUNCT
ftr-312	323	11	form	form	NOUN
ftr-312	323	12	10	10	NUM
ftr-312	323	13	-	-	PUNCT
ftr-312	323	14	k	k	NOUN
ftr-312	323	15	)	)	PUNCT
ftr-312	323	16	1	1	NUM
ftr-312	323	17	(	(	PUNCT
ftr-312	323	18	feb	feb	X
ftr-312	323	19	.	.	PROPN
ftr-312	323	20	25	25	NUM
ftr-312	323	21	,	,	PUNCT
ftr-312	323	22	2013	2013	NUM
ftr-312	323	23	)	)	PUNCT
ftr-312	323	24	,	,	PUNCT
ftr-312	323	25	http://www.sec.gov/archives/edgar/data/884887/000104746913001567/a2213132z1	http://www.sec.gov/archives/edgar/data/884887/000104746913001567/a2213132z1	PROPN
ftr-312	323	26	0-k.htm	0-k.htm	NUM
ftr-312	323	27	.	.	PUNCT
ftr-312	324	1	63	63	NUM
ftr-312	324	2	.	.	PUNCT
ftr-312	325	1	see	see	VERB
ftr-312	325	2	christine	christine	PROPN
ftr-312	325	3	hurt	hurt	PROPN
ftr-312	325	4	,	,	PUNCT
ftr-312	325	5	regulating	regulate	VERB
ftr-312	325	6	public	public	ADJ
ftr-312	325	7	morals	moral	NOUN
ftr-312	325	8	and	and	CCONJ
ftr-312	325	9	private	private	ADJ
ftr-312	325	10	markets	market	NOUN
ftr-312	325	11	:	:	PUNCT
ftr-312	326	1	online	online	ADJ
ftr-312	326	2	securities	security	NOUN
ftr-312	326	3	trading	trading	NOUN
ftr-312	326	4	,	,	PUNCT
ftr-312	326	5	internet	internet	NOUN
ftr-312	326	6	gambling	gambling	NOUN
ftr-312	326	7	,	,	PUNCT
ftr-312	326	8	and	and	CCONJ
ftr-312	326	9	the	the	DET
ftr-312	326	10	speculation	speculation	NOUN
ftr-312	326	11	paradox	paradox	NOUN
ftr-312	326	12	,	,	PUNCT
ftr-312	326	13	86	86	NUM
ftr-312	326	14	b.u	b.u	PROPN
ftr-312	326	15	.	.	PROPN
ftr-312	326	16	l.	l.	PROPN
ftr-312	326	17	rev	rev	PROPN
ftr-312	326	18	.	.	PROPN
ftr-312	326	19	371	371	NUM
ftr-312	326	20	,	,	PUNCT
ftr-312	326	21	415	415	NUM
ftr-312	326	22	(	(	PUNCT
ftr-312	326	23	2006	2006	NUM
ftr-312	326	24	)	)	PUNCT
ftr-312	327	1	[	[	X
ftr-312	327	2	hereinafter	hereinafter	NOUN
ftr-312	327	3	hurt	hurt	VERB
ftr-312	327	4	,	,	PUNCT
ftr-312	327	5	regulating	regulate	VERB
ftr-312	327	6	public	public	ADJ
ftr-312	327	7	morals	moral	NOUN
ftr-312	327	8	]	]	PUNCT
ftr-312	327	9	(	(	PUNCT
ftr-312	327	10	reporting	report	VERB
ftr-312	327	11	partygaming	partygame	VERB
ftr-312	327	12	ipo	ipo	PROPN
ftr-312	327	13	)	)	PUNCT
ftr-312	327	14	.	.	PUNCT
ftr-312	328	1	64	64	NUM
ftr-312	328	2	.	.	PUNCT
ftr-312	329	1	see	see	VERB
ftr-312	329	2	iridium	iridium	PROPN
ftr-312	329	3	world	world	PROPN
ftr-312	329	4	communications	communications	PROPN
ftr-312	329	5	ltd	ltd	PROPN
ftr-312	329	6	.	.	PROPN
ftr-312	329	7	,	,	PUNCT
ftr-312	329	8	registration	registration	NOUN
ftr-312	329	9	statement	statement	NOUN
ftr-312	329	10	,	,	PUNCT
ftr-312	329	11	(	(	PUNCT
ftr-312	329	12	form	form	NOUN
ftr-312	329	13	s-1a	s-1a	NOUN
ftr-312	329	14	)	)	PUNCT
ftr-312	329	15	99	99	NUM
ftr-312	329	16	(	(	PUNCT
ftr-312	329	17	june	june	PROPN
ftr-312	329	18	10	10	NUM
ftr-312	329	19	,	,	PUNCT
ftr-312	329	20	1997	1997	NUM
ftr-312	329	21	)	)	PUNCT
ftr-312	329	22	,	,	PUNCT
ftr-312	329	23	http://www.sec.gov/archives/edgar/data/	http://www.sec.gov/archives/edgar/data/	PROPN
ftr-312	329	24	948421/0000950133	948421/0000950133	NUM
ftr-312	329	25	-	-	PUNCT
ftr-312	329	26	97	97	NUM
ftr-312	329	27	-	-	PUNCT
ftr-312	329	28	002150.txt	002150.txt	NOUN
ftr-312	329	29	(	(	PUNCT
ftr-312	329	30	disclosing	disclose	VERB
ftr-312	329	31	approximately	approximately	ADV
ftr-312	329	32	28	28	NUM
ftr-312	329	33	percent	percent	NOUN
ftr-312	329	34	ownership	ownership	NOUN
ftr-312	329	35	by	by	ADP
ftr-312	329	36	motorola	motorola	PROPN
ftr-312	329	37	,	,	PUNCT
ftr-312	329	38	inc	inc	PROPN
ftr-312	329	39	.	.	PROPN
ftr-312	329	40	)	)	PUNCT
ftr-312	329	41	.	.	PUNCT
ftr-312	330	1	65	65	NUM
ftr-312	330	2	.	.	PUNCT
ftr-312	331	1	see	see	PROPN
ftr-312	331	2	opentv	opentv	PROPN
ftr-312	331	3	corp	corp	PROPN
ftr-312	331	4	.	.	PROPN
ftr-312	331	5	,	,	PUNCT
ftr-312	331	6	registration	registration	NOUN
ftr-312	331	7	statement	statement	NOUN
ftr-312	331	8	(	(	PUNCT
ftr-312	331	9	form	form	NOUN
ftr-312	331	10	f-1a	f-1a	PROPN
ftr-312	331	11	)	)	PUNCT
ftr-312	331	12	3	3	NUM
ftr-312	331	13	(	(	PUNCT
ftr-312	331	14	nov	nov	PROPN
ftr-312	331	15	.	.	PROPN
ftr-312	331	16	19	19	NUM
ftr-312	331	17	,	,	PUNCT
ftr-312	331	18	1999	1999	NUM
ftr-312	331	19	)	)	PUNCT
ftr-312	331	20	,	,	PUNCT
ftr-312	331	21	http://www.sec.gov/archives/edgar/data/1096958/0000950013099006648/00	http://www.sec.gov/archives/edgar/data/1096958/0000950013099006648/00	PROPN
ftr-312	331	22	00950130-99-006648.txt	00950130-99-006648.txt	PROPN
ftr-312	331	23	(	(	PUNCT
ftr-312	331	24	disclosing	disclose	VERB
ftr-312	331	25	that	that	PRON
ftr-312	331	26	opentv	opentv	NOUN
ftr-312	331	27	began	begin	VERB
ftr-312	331	28	as	as	ADP
ftr-312	331	29	a	a	DET
ftr-312	331	30	joint	joint	ADJ
ftr-312	331	31	venture	venture	NOUN
ftr-312	331	32	between	between	ADP
ftr-312	331	33	thomson	thomson	PROPN
ftr-312	331	34	multimedia	multimedia	PROPN
ftr-312	331	35	s.a	s.a	PROPN
ftr-312	331	36	.	.	PROPN
ftr-312	331	37	and	and	CCONJ
ftr-312	331	38	sun	sun	NOUN
ftr-312	331	39	microsystems	microsystem	NOUN
ftr-312	331	40	)	)	PUNCT
ftr-312	331	41	.	.	PUNCT
ftr-312	332	1	66	66	NUM
ftr-312	332	2	.	.	PUNCT
ftr-312	333	1	see	see	VERB
ftr-312	333	2	tycom	tycom	PROPN
ftr-312	333	3	ltd	ltd	PROPN
ftr-312	333	4	.	.	PROPN
ftr-312	333	5	,	,	PUNCT
ftr-312	333	6	registration	registration	NOUN
ftr-312	333	7	statement	statement	NOUN
ftr-312	333	8	(	(	PUNCT
ftr-312	333	9	form	form	NOUN
ftr-312	333	10	s-1a	s-1a	NOUN
ftr-312	333	11	)	)	PUNCT
ftr-312	333	12	2	2	NUM
ftr-312	333	13	,	,	PUNCT
ftr-312	333	14	f-6	f-6	NOUN
ftr-312	333	15	(	(	PUNCT
ftr-312	333	16	july	july	PROPN
ftr-312	333	17	24	24	NUM
ftr-312	333	18	,	,	PUNCT
ftr-312	333	19	2000	2000	NUM
ftr-312	333	20	)	)	PUNCT
ftr-312	333	21	,	,	PUNCT
ftr-312	333	22	http://www.sec.gov/archives/edgar/data/1108511/0000950013000004016/	http://www.sec.gov/archives/edgar/data/1108511/0000950013000004016/	NOUN
ftr-312	333	23	0000950130-00-004016.txt	0000950130-00-004016.txt	PROPN
ftr-312	333	24	(	(	PUNCT
ftr-312	333	25	explaining	explain	VERB
ftr-312	333	26	that	that	SCONJ
ftr-312	333	27	the	the	DET
ftr-312	333	28	registrant	registrant	NOUN
ftr-312	333	29	formed	form	VERB
ftr-312	333	30	as	as	ADP
ftr-312	333	31	a	a	DET
ftr-312	333	32	wholly	wholly	ADV
ftr-312	333	33	-	-	PUNCT
ftr-312	333	34	owned	own	VERB
ftr-312	333	35	336	336	NUM
ftr-312	333	36	florida	florida	PROPN
ftr-312	333	37	tax	tax	NOUN
ftr-312	333	38	review	review	NOUN
ftr-312	333	39	[	[	X
ftr-312	333	40	vol	vol	NOUN
ftr-312	333	41	.	.	PUNCT
ftr-312	334	1	14:8	14:8	NUM
ftr-312	334	2	case	case	NOUN
ftr-312	334	3	,	,	PUNCT
ftr-312	334	4	a	a	DET
ftr-312	334	5	private	private	ADJ
ftr-312	334	6	equity	equity	NOUN
ftr-312	334	7	investment	investment	NOUN
ftr-312	334	8	fund	fund	NOUN
ftr-312	334	9	sponsored	sponsor	VERB
ftr-312	334	10	a	a	DET
ftr-312	334	11	capital	capital	NOUN
ftr-312	334	12	-	-	PUNCT
ftr-312	334	13	intensive	intensive	ADJ
ftr-312	334	14	startup.67	startup.67	NOUN
ftr-312	334	15	a	a	DET
ftr-312	334	16	broad	broad	ADJ
ftr-312	334	17	group	group	NOUN
ftr-312	334	18	of	of	ADP
ftr-312	334	19	equity	equity	NOUN
ftr-312	334	20	partners	partner	NOUN
ftr-312	334	21	together	together	ADV
ftr-312	334	22	with	with	ADP
ftr-312	334	23	current	current	ADJ
ftr-312	334	24	profits	profit	NOUN
ftr-312	334	25	apparently	apparently	ADV
ftr-312	334	26	funded	fund	VERB
ftr-312	334	27	accenture	accenture	NOUN
ftr-312	334	28	’s	’s	PART
ftr-312	334	29	startup	startup	NOUN
ftr-312	334	30	phase.68	phase.68	PROPN
ftr-312	334	31	wealthy	wealthy	ADJ
ftr-312	334	32	individuals	individual	NOUN
ftr-312	334	33	sponsored	sponsor	VERB
ftr-312	334	34	firms	firm	NOUN
ftr-312	334	35	including	include	VERB
ftr-312	334	36	rsl	rsl	PROPN
ftr-312	334	37	communications.69	communications.69	NOUN
ftr-312	334	38	in	in	ADP
ftr-312	334	39	addition	addition	NOUN
ftr-312	334	40	,	,	PUNCT
ftr-312	334	41	some	some	DET
ftr-312	334	42	us	us	PROPN
ftr-312	334	43	-	-	PUNCT
ftr-312	334	44	based	base	VERB
ftr-312	334	45	,	,	PUNCT
ftr-312	334	46	tax	tax	NOUN
ftr-312	334	47	-	-	PUNCT
ftr-312	334	48	haven	haven	NOUN
ftr-312	334	49	-	-	PUNCT
ftr-312	334	50	parented	parent	VERB
ftr-312	334	51	startup	startup	NOUN
ftr-312	334	52	firms	firm	NOUN
ftr-312	334	53	have	have	VERB
ftr-312	334	54	major	major	ADJ
ftr-312	334	55	founders	founder	NOUN
ftr-312	334	56	or	or	CCONJ
ftr-312	334	57	shareholders	shareholder	NOUN
ftr-312	334	58	with	with	ADP
ftr-312	334	59	non	non	ADJ
ftr-312	334	60	-	-	ADJ
ftr-312	334	61	us	us	ADJ
ftr-312	334	62	connections	connection	NOUN
ftr-312	334	63	.	.	PUNCT
ftr-312	335	1	some	some	DET
ftr-312	335	2	firms	firm	NOUN
ftr-312	335	3	appear	appear	VERB
ftr-312	335	4	to	to	PART
ftr-312	335	5	have	have	AUX
ftr-312	335	6	started	start	VERB
ftr-312	335	7	doing	do	VERB
ftr-312	335	8	business	business	NOUN
ftr-312	335	9	outside	outside	ADP
ftr-312	335	10	the	the	DET
ftr-312	335	11	united	united	PROPN
ftr-312	335	12	states.70	states.70	PROPN
ftr-312	335	13	others	other	NOUN
ftr-312	335	14	had	have	VERB
ftr-312	335	15	major	major	ADJ
ftr-312	335	16	non	non	ADJ
ftr-312	335	17	-	-	ADJ
ftr-312	335	18	us	us	ADJ
ftr-312	335	19	shareholders	shareholder	NOUN
ftr-312	335	20	at	at	ADP
ftr-312	335	21	the	the	DET
ftr-312	335	22	time	time	NOUN
ftr-312	335	23	of	of	ADP
ftr-312	335	24	ipo	ipo	NOUN
ftr-312	335	25	,	,	PUNCT
ftr-312	335	26	including	include	VERB
ftr-312	335	27	corporate	corporate	ADJ
ftr-312	335	28	investors71	investors71	NOUN
ftr-312	335	29	and	and	CCONJ
ftr-312	335	30	subsidiary	subsidiary	NOUN
ftr-312	335	31	of	of	ADP
ftr-312	335	32	tyco	tyco	PROPN
ftr-312	335	33	international	international	PROPN
ftr-312	335	34	ltd	ltd	PROPN
ftr-312	335	35	.	.	PROPN
ftr-312	335	36	,	,	PUNCT
ftr-312	335	37	which	which	PRON
ftr-312	335	38	would	would	AUX
ftr-312	335	39	continue	continue	VERB
ftr-312	335	40	to	to	PART
ftr-312	335	41	own	own	VERB
ftr-312	335	42	89	89	NUM
ftr-312	335	43	percent	percent	NOUN
ftr-312	335	44	of	of	ADP
ftr-312	335	45	the	the	DET
ftr-312	335	46	stock	stock	NOUN
ftr-312	335	47	post	post	NOUN
ftr-312	335	48	-	-	NOUN
ftr-312	335	49	ipo	ipo	NOUN
ftr-312	335	50	)	)	PUNCT
ftr-312	335	51	.	.	PUNCT
ftr-312	336	1	67	67	NUM
ftr-312	336	2	.	.	PUNCT
ftr-312	337	1	see	see	VERB
ftr-312	337	2	aircastle	aircastle	PROPN
ftr-312	337	3	ltd	ltd	PROPN
ftr-312	337	4	.	.	PROPN
ftr-312	337	5	,	,	PUNCT
ftr-312	337	6	registration	registration	NOUN
ftr-312	337	7	statement	statement	NOUN
ftr-312	337	8	(	(	PUNCT
ftr-312	337	9	form	form	NOUN
ftr-312	337	10	s-1a	s-1a	NOUN
ftr-312	337	11	)	)	PUNCT
ftr-312	337	12	50	50	NUM
ftr-312	337	13	(	(	PUNCT
ftr-312	337	14	aug	aug	PROPN
ftr-312	337	15	.	.	PROPN
ftr-312	337	16	2	2	NUM
ftr-312	337	17	,	,	PUNCT
ftr-312	337	18	2006	2006	NUM
ftr-312	337	19	)	)	PUNCT
ftr-312	337	20	,	,	PUNCT
ftr-312	337	21	http://www.sec.gov/archives/edgar/data/1362988/000095013606006258/	http://www.sec.gov/archives/edgar/data/1362988/000095013606006258/	PROPN
ftr-312	337	22	file1.htm	file1.htm	PROPN
ftr-312	337	23	(	(	PUNCT
ftr-312	337	24	“	"	PUNCT
ftr-312	337	25	we	we	PRON
ftr-312	337	26	were	be	AUX
ftr-312	337	27	formed	form	VERB
ftr-312	337	28	in	in	ADP
ftr-312	337	29	october	october	PROPN
ftr-312	337	30	2004	2004	NUM
ftr-312	337	31	with	with	ADP
ftr-312	337	32	a	a	DET
ftr-312	337	33	capital	capital	NOUN
ftr-312	337	34	commitment	commitment	NOUN
ftr-312	337	35	of	of	ADP
ftr-312	337	36	$	$	SYM
ftr-312	337	37	400	400	NUM
ftr-312	337	38	million	million	NUM
ftr-312	337	39	from	from	ADP
ftr-312	337	40	funds	fund	NOUN
ftr-312	337	41	managed	manage	VERB
ftr-312	337	42	by	by	ADP
ftr-312	337	43	fortress	fortress	NOUN
ftr-312	337	44	for	for	ADP
ftr-312	337	45	the	the	DET
ftr-312	337	46	purpose	purpose	NOUN
ftr-312	337	47	of	of	ADP
ftr-312	337	48	investing	invest	VERB
ftr-312	337	49	in	in	ADP
ftr-312	337	50	aviation	aviation	NOUN
ftr-312	337	51	assets	asset	NOUN
ftr-312	337	52	.	.	PUNCT
ftr-312	337	53	”	"	PUNCT
ftr-312	337	54	)	)	PUNCT
ftr-312	337	55	.	.	PUNCT
ftr-312	338	1	68	68	NUM
ftr-312	338	2	.	.	PUNCT
ftr-312	339	1	see	see	VERB
ftr-312	339	2	accenture	accenture	PROPN
ftr-312	339	3	ltd	ltd	PROPN
ftr-312	339	4	.	.	PROPN
ftr-312	339	5	,	,	PUNCT
ftr-312	339	6	registration	registration	NOUN
ftr-312	339	7	statement	statement	NOUN
ftr-312	339	8	(	(	PUNCT
ftr-312	339	9	form	form	NOUN
ftr-312	339	10	s-1a	s-1a	NOUN
ftr-312	339	11	)	)	PUNCT
ftr-312	339	12	62–63	62–63	NUM
ftr-312	339	13	,	,	PUNCT
ftr-312	339	14	73	73	NUM
ftr-312	339	15	(	(	PUNCT
ftr-312	339	16	july	july	PROPN
ftr-312	339	17	18	18	NUM
ftr-312	339	18	,	,	PUNCT
ftr-312	339	19	2001	2001	NUM
ftr-312	339	20	)	)	PUNCT
ftr-312	339	21	.	.	PUNCT
ftr-312	340	1	http://www.sec.gov/archives/edgar/data/1134538/0000950130	http://www.sec.gov/archives/edgar/data/1134538/0000950130	PROPN
ftr-312	340	2	01503127	01503127	NUM
ftr-312	340	3	/	/	SYM
ftr-312	341	1	ds1a.htm	ds1a.htm	PROPN
ftr-312	341	2	(	(	PUNCT
ftr-312	341	3	showing	show	VERB
ftr-312	341	4	that	that	SCONJ
ftr-312	341	5	no	no	DET
ftr-312	341	6	shareholder	shareholder	NOUN
ftr-312	341	7	owned	own	VERB
ftr-312	341	8	more	more	ADJ
ftr-312	341	9	than	than	ADP
ftr-312	341	10	5	5	NUM
ftr-312	341	11	percent	percent	NOUN
ftr-312	341	12	of	of	ADP
ftr-312	341	13	any	any	DET
ftr-312	341	14	class	class	NOUN
ftr-312	341	15	of	of	ADP
ftr-312	341	16	accenture	accenture	PROPN
ftr-312	341	17	ltd	ltd	PROPN
ftr-312	341	18	.	.	PROPN
ftr-312	341	19	shares	share	NOUN
ftr-312	341	20	,	,	PUNCT
ftr-312	341	21	that	that	SCONJ
ftr-312	341	22	its	its	PRON
ftr-312	341	23	partners	partner	NOUN
ftr-312	341	24	owned	own	VERB
ftr-312	341	25	82	82	NUM
ftr-312	341	26	percent	percent	NOUN
ftr-312	341	27	of	of	ADP
ftr-312	341	28	the	the	DET
ftr-312	341	29	voting	voting	NOUN
ftr-312	341	30	equity	equity	NOUN
ftr-312	341	31	,	,	PUNCT
ftr-312	341	32	and	and	CCONJ
ftr-312	341	33	annualized	annualize	VERB
ftr-312	341	34	after	after	ADP
ftr-312	341	35	-	-	PUNCT
ftr-312	341	36	tax	tax	NOUN
ftr-312	341	37	profits	profit	NOUN
ftr-312	341	38	exceeding	exceed	VERB
ftr-312	341	39	$	$	SYM
ftr-312	341	40	1.5	1.5	NUM
ftr-312	341	41	billion	billion	NUM
ftr-312	341	42	for	for	ADP
ftr-312	341	43	each	each	DET
ftr-312	341	44	year	year	NOUN
ftr-312	341	45	of	of	ADP
ftr-312	341	46	operation	operation	NOUN
ftr-312	341	47	following	follow	VERB
ftr-312	341	48	separation	separation	NOUN
ftr-312	341	49	from	from	ADP
ftr-312	341	50	arthur	arthur	PROPN
ftr-312	341	51	andersen	andersen	PROPN
ftr-312	341	52	)	)	PUNCT
ftr-312	341	53	.	.	PUNCT
ftr-312	342	1	69	69	NUM
ftr-312	342	2	.	.	PUNCT
ftr-312	343	1	ralph	ralph	PROPN
ftr-312	343	2	lauder	lauder	PROPN
ftr-312	343	3	funded	fund	VERB
ftr-312	343	4	rsl	rsl	NOUN
ftr-312	343	5	communications	communication	NOUN
ftr-312	343	6	.	.	PUNCT
ftr-312	344	1	see	see	VERB
ftr-312	344	2	rsl	rsl	PROPN
ftr-312	344	3	communications	communications	PROPN
ftr-312	344	4	ltd	ltd	PROPN
ftr-312	344	5	,	,	PUNCT
ftr-312	344	6	registration	registration	NOUN
ftr-312	344	7	statement	statement	NOUN
ftr-312	344	8	(	(	PUNCT
ftr-312	344	9	form	form	NOUN
ftr-312	344	10	s-1a	s-1a	PROPN
ftr-312	344	11	)	)	PUNCT
ftr-312	344	12	101	101	NUM
ftr-312	344	13	(	(	PUNCT
ftr-312	344	14	mar	mar	PROPN
ftr-312	344	15	.	.	PROPN
ftr-312	344	16	20	20	NUM
ftr-312	344	17	,	,	PUNCT
ftr-312	344	18	1998	1998	NUM
ftr-312	344	19	)	)	PUNCT
ftr-312	344	20	,	,	PUNCT
ftr-312	344	21	http://www.sec	http://www.sec	PROPN
ftr-312	344	22	.	.	PUNCT
ftr-312	345	1	gov	gov	PROPN
ftr-312	345	2	/	/	SYM
ftr-312	345	3	archives	archive	NOUN
ftr-312	345	4	/	/	SYM
ftr-312	345	5	edgar	edgar	NOUN
ftr-312	345	6	/	/	SYM
ftr-312	345	7	data/1036297/0000889812	data/1036297/0000889812	NOUN
ftr-312	345	8	-	-	PUNCT
ftr-312	345	9	98	98	NUM
ftr-312	345	10	-	-	PUNCT
ftr-312	345	11	000682.txt	000682.txt	NOUN
ftr-312	345	12	(	(	PUNCT
ftr-312	345	13	stating	state	VERB
ftr-312	345	14	that	that	SCONJ
ftr-312	345	15	lauder	lauder	PROPN
ftr-312	345	16	owned	own	VERB
ftr-312	345	17	about	about	ADP
ftr-312	345	18	43	43	NUM
ftr-312	345	19	percent	percent	NOUN
ftr-312	345	20	of	of	ADP
ftr-312	345	21	the	the	DET
ftr-312	345	22	registrant	registrant	NOUN
ftr-312	345	23	’s	’s	PART
ftr-312	345	24	common	common	ADJ
ftr-312	345	25	stock	stock	NOUN
ftr-312	345	26	prior	prior	ADV
ftr-312	345	27	to	to	ADP
ftr-312	345	28	ipo	ipo	NOUN
ftr-312	345	29	)	)	PUNCT
ftr-312	345	30	.	.	PUNCT
ftr-312	346	1	see	see	VERB
ftr-312	346	2	also	also	ADV
ftr-312	346	3	kerry	kerry	PROPN
ftr-312	346	4	a.	a.	PROPN
ftr-312	346	5	dolan	dolan	PROPN
ftr-312	346	6	,	,	PUNCT
ftr-312	346	7	srpska	srpska	PROPN
ftr-312	346	8	calling	calling	NOUN
ftr-312	346	9	,	,	PUNCT
ftr-312	346	10	forbes	forbes	PROPN
ftr-312	346	11	(	(	PUNCT
ftr-312	346	12	nov	nov	PROPN
ftr-312	346	13	.	.	PROPN
ftr-312	346	14	2	2	NUM
ftr-312	346	15	,	,	PUNCT
ftr-312	346	16	1998	1998	NUM
ftr-312	346	17	,	,	PUNCT
ftr-312	346	18	12:00am	12:00am	NOUN
ftr-312	346	19	)	)	PUNCT
ftr-312	346	20	,	,	PUNCT
ftr-312	346	21	http://www.forbes.com/forbes/1998/1102/6210141a.html	http://www.forbes.com/forbes/1998/1102/6210141a.html	X
ftr-312	346	22	(	(	PUNCT
ftr-312	346	23	describing	describe	VERB
ftr-312	346	24	rsl	rsl	NOUN
ftr-312	346	25	’s	’s	PART
ftr-312	346	26	“	"	PUNCT
ftr-312	346	27	deep	deep	ADJ
ftr-312	346	28	pockets	pocket	NOUN
ftr-312	346	29	”	"	PUNCT
ftr-312	346	30	)	)	PUNCT
ftr-312	346	31	.	.	PUNCT
ftr-312	347	1	70	70	X
ftr-312	347	2	.	.	X
ftr-312	348	1	see	see	VERB
ftr-312	348	2	garmin	garmin	PROPN
ftr-312	348	3	ltd	ltd	PROPN
ftr-312	348	4	.	.	PROPN
ftr-312	348	5	,	,	PUNCT
ftr-312	348	6	registration	registration	NOUN
ftr-312	348	7	statement	statement	NOUN
ftr-312	348	8	(	(	PUNCT
ftr-312	348	9	form	form	NOUN
ftr-312	348	10	s-1a	s-1a	PROPN
ftr-312	348	11	)	)	PUNCT
ftr-312	348	12	36	36	NUM
ftr-312	348	13	(	(	PUNCT
ftr-312	348	14	dec	dec	PROPN
ftr-312	348	15	.	.	PROPN
ftr-312	348	16	6	6	NUM
ftr-312	348	17	,	,	PUNCT
ftr-312	348	18	2000	2000	NUM
ftr-312	348	19	)	)	PUNCT
ftr-312	348	20	,	,	PUNCT
ftr-312	348	21	http://www.sec.gov/archives/edgar/data/1121788/000095013100006701/000	http://www.sec.gov/archives/edgar/data/1121788/000095013100006701/000	NUM
ftr-312	348	22	0950131-00-006701.txt	0950131-00-006701.txt	PUNCT
ftr-312	348	23	(	(	PUNCT
ftr-312	348	24	disclosing	disclose	VERB
ftr-312	348	25	that	that	SCONJ
ftr-312	348	26	garmin	garmin	PROPN
ftr-312	348	27	“	"	PUNCT
ftr-312	348	28	formed	form	VERB
ftr-312	348	29	in	in	ADP
ftr-312	348	30	taiwan	taiwan	PROPN
ftr-312	348	31	”	"	PUNCT
ftr-312	348	32	)	)	PUNCT
ftr-312	348	33	;	;	PUNCT
ftr-312	348	34	vistaprint	vistaprint	PROPN
ftr-312	348	35	ltd	ltd	PROPN
ftr-312	348	36	.	.	PROPN
ftr-312	348	37	,	,	PUNCT
ftr-312	348	38	registration	registration	NOUN
ftr-312	348	39	statement	statement	NOUN
ftr-312	348	40	(	(	PUNCT
ftr-312	348	41	form	form	NOUN
ftr-312	348	42	s-1a	s-1a	NOUN
ftr-312	348	43	)	)	PUNCT
ftr-312	348	44	35	35	NUM
ftr-312	348	45	(	(	PUNCT
ftr-312	348	46	sept	sept	PROPN
ftr-312	348	47	.	.	PROPN
ftr-312	348	48	26	26	NUM
ftr-312	348	49	,	,	PUNCT
ftr-312	348	50	2005	2005	NUM
ftr-312	348	51	)	)	PUNCT
ftr-312	348	52	,	,	PUNCT
ftr-312	348	53	http://www.sec.gov/archives/edgar/data/1262976/000119312505190875/ds1a.htm	http://www.sec.gov/archives/edgar/data/1262976/000119312505190875/ds1a.htm	PROPN
ftr-312	348	54	(	(	PUNCT
ftr-312	348	55	noting	note	VERB
ftr-312	348	56	that	that	SCONJ
ftr-312	348	57	business	business	NOUN
ftr-312	348	58	initially	initially	ADV
ftr-312	348	59	commenced	commence	VERB
ftr-312	348	60	in	in	ADP
ftr-312	348	61	france	france	PROPN
ftr-312	348	62	,	,	PUNCT
ftr-312	348	63	then	then	ADV
ftr-312	348	64	moved	move	VERB
ftr-312	348	65	to	to	ADP
ftr-312	348	66	the	the	DET
ftr-312	348	67	us	us	PROPN
ftr-312	348	68	,	,	PUNCT
ftr-312	348	69	where	where	SCONJ
ftr-312	348	70	it	it	PRON
ftr-312	348	71	was	be	AUX
ftr-312	348	72	conducted	conduct	VERB
ftr-312	348	73	by	by	ADP
ftr-312	348	74	a	a	DET
ftr-312	348	75	us	us	PROPN
ftr-312	348	76	corporation	corporation	NOUN
ftr-312	348	77	,	,	PUNCT
ftr-312	348	78	which	which	PRON
ftr-312	348	79	later	later	ADV
ftr-312	348	80	amalgamated	amalgamate	VERB
ftr-312	348	81	with	with	ADP
ftr-312	348	82	a	a	DET
ftr-312	348	83	new	new	ADJ
ftr-312	348	84	bermuda	bermuda	NOUN
ftr-312	348	85	company	company	NOUN
ftr-312	348	86	)	)	PUNCT
ftr-312	348	87	.	.	PUNCT
ftr-312	349	1	71	71	NUM
ftr-312	349	2	.	.	PUNCT
ftr-312	349	3	see	see	VERB
ftr-312	349	4	interwave	interwave	ADJ
ftr-312	349	5	communications	communications	PROPN
ftr-312	349	6	international	international	PROPN
ftr-312	349	7	ltd	ltd	PROPN
ftr-312	349	8	.	.	PROPN
ftr-312	349	9	,	,	PUNCT
ftr-312	349	10	registration	registration	NOUN
ftr-312	349	11	statement	statement	NOUN
ftr-312	349	12	(	(	PUNCT
ftr-312	349	13	form	form	NOUN
ftr-312	349	14	f-1a	f-1a	PROPN
ftr-312	349	15	)	)	PUNCT
ftr-312	349	16	75	75	NUM
ftr-312	349	17	(	(	PUNCT
ftr-312	349	18	jan	jan	PROPN
ftr-312	349	19	.	.	PROPN
ftr-312	349	20	28	28	NUM
ftr-312	349	21	,	,	PUNCT
ftr-312	349	22	2000	2000	NUM
ftr-312	349	23	)	)	PUNCT
ftr-312	349	24	,	,	PUNCT
ftr-312	349	25	http://www.sec.gov/archives/edgar/	http://www.sec.gov/archives/edgar/	PROPN
ftr-312	349	26	data/1095478/000091205700002759/0000912057	data/1095478/000091205700002759/0000912057	NOUN
ftr-312	349	27	-	-	PUNCT
ftr-312	349	28	00	00	NUM
ftr-312	349	29	-	-	PUNCT
ftr-312	349	30	002759.txt	002759.txt	NOUN
ftr-312	349	31	(	(	PUNCT
ftr-312	349	32	listing	list	VERB
ftr-312	349	33	nortel	nortel	NOUN
ftr-312	349	34	networks	networks	PROPN
ftr-312	349	35	corp	corp	PROPN
ftr-312	349	36	.	.	PROPN
ftr-312	350	1	as	as	ADP
ftr-312	350	2	22	22	NUM
ftr-312	350	3	percent	percent	NOUN
ftr-312	350	4	shareholder	shareholder	NOUN
ftr-312	350	5	pre	pre	NOUN
ftr-312	350	6	-	-	NOUN
ftr-312	350	7	ipo	ipo	NOUN
ftr-312	350	8	)	)	PUNCT
ftr-312	350	9	;	;	PUNCT
ftr-312	350	10	iridium	iridium	NOUN
ftr-312	350	11	world	world	PROPN
ftr-312	350	12	communications	communications	PROPN
ftr-312	350	13	ltd	ltd	PROPN
ftr-312	350	14	.	.	PROPN
ftr-312	350	15	,	,	PUNCT
ftr-312	350	16	(	(	PUNCT
ftr-312	350	17	form	form	NOUN
ftr-312	350	18	s-1a	s-1a	NOUN
ftr-312	350	19	)	)	PUNCT
ftr-312	350	20	99	99	NUM
ftr-312	350	21	(	(	PUNCT
ftr-312	350	22	june	june	PROPN
ftr-312	350	23	6	6	NUM
ftr-312	350	24	,	,	PUNCT
ftr-312	350	25	1997	1997	NUM
ftr-312	350	26	)	)	PUNCT
ftr-312	350	27	,	,	PUNCT
ftr-312	350	28	http://www.sec.gov/archives/edgar/data/	http://www.sec.gov/archives/edgar/data/	PROPN
ftr-312	350	29	948421/0000950133	948421/0000950133	NUM
ftr-312	350	30	-	-	PUNCT
ftr-312	350	31	97	97	NUM
ftr-312	350	32	-	-	PUNCT
ftr-312	350	33	002129.txt	002129.txt	NOUN
ftr-312	350	34	(	(	PUNCT
ftr-312	350	35	disclosing	disclose	VERB
ftr-312	350	36	approximately	approximately	ADV
ftr-312	350	37	11	11	NUM
ftr-312	350	38	percent	percent	NOUN
ftr-312	350	39	ownership	ownership	NOUN
ftr-312	350	40	by	by	ADP
ftr-312	350	41	a	a	DET
ftr-312	350	42	japanese	japanese	PROPN
ftr-312	350	43	-	-	PUNCT
ftr-312	350	44	based	base	VERB
ftr-312	350	45	consortium	consortium	NOUN
ftr-312	350	46	and	and	CCONJ
ftr-312	350	47	9	9	NUM
ftr-312	350	48	percent	percent	NOUN
ftr-312	350	49	ownership	ownership	NOUN
ftr-312	350	50	by	by	ADP
ftr-312	350	51	a	a	DET
ftr-312	350	52	german	german	ADJ
ftr-312	350	53	-	-	PUNCT
ftr-312	350	54	based	base	VERB
ftr-312	350	55	investor	investor	NOUN
ftr-312	350	56	pre	pre	PROPN
ftr-312	350	57	-	-	PROPN
ftr-312	350	58	ipo	ipo	NOUN
ftr-312	350	59	)	)	PUNCT
ftr-312	350	60	;	;	PUNCT
ftr-312	350	61	opentv	opentv	PROPN
ftr-312	350	62	corp	corp	PROPN
ftr-312	350	63	.	.	PROPN
ftr-312	350	64	,	,	PUNCT
ftr-312	350	65	registration	registration	NOUN
ftr-312	350	66	statement	statement	NOUN
ftr-312	350	67	(	(	PUNCT
ftr-312	350	68	form	form	NOUN
ftr-312	350	69	f-1a	f-1a	PROPN
ftr-312	350	70	)	)	PUNCT
ftr-312	350	71	3	3	NUM
ftr-312	350	72	(	(	PUNCT
ftr-312	350	73	nov	nov	PROPN
ftr-312	350	74	.	.	PROPN
ftr-312	350	75	19	19	NUM
ftr-312	350	76	,	,	PUNCT
ftr-312	350	77	1999	1999	NUM
ftr-312	350	78	)	)	PUNCT
ftr-312	350	79	,	,	PUNCT
ftr-312	350	80	http://www.sec.gov/archives/edgar/data/1096958000095013099006648/000	http://www.sec.gov/archives/edgar/data/1096958000095013099006648/000	PROPN
ftr-312	350	81	2013	2013	NUM
ftr-312	350	82	]	]	PUNCT
ftr-312	350	83	tax	tax	NOUN
ftr-312	350	84	planning	planning	NOUN
ftr-312	350	85	and	and	CCONJ
ftr-312	350	86	initial	initial	ADJ
ftr-312	350	87	incorporation	incorporation	NOUN
ftr-312	350	88	location	location	NOUN
ftr-312	350	89	337	337	NUM
ftr-312	350	90	also	also	ADV
ftr-312	350	91	including	include	VERB
ftr-312	350	92	michael	michael	PROPN
ftr-312	350	93	kors	kor	NOUN
ftr-312	350	94	,	,	PUNCT
ftr-312	350	95	which	which	PRON
ftr-312	350	96	received	receive	VERB
ftr-312	350	97	most	most	ADJ
ftr-312	350	98	of	of	ADP
ftr-312	350	99	its	its	PRON
ftr-312	350	100	funding	funding	NOUN
ftr-312	350	101	prior	prior	ADV
ftr-312	350	102	to	to	ADP
ftr-312	350	103	its	its	PRON
ftr-312	350	104	2011	2011	NUM
ftr-312	350	105	ipo	ipo	NOUN
ftr-312	350	106	from	from	ADP
ftr-312	350	107	two	two	NUM
ftr-312	350	108	non	non	ADJ
ftr-312	350	109	-	-	ADJ
ftr-312	350	110	us	us	ADJ
ftr-312	350	111	individual	individual	ADJ
ftr-312	350	112	investors	investor	NOUN
ftr-312	350	113	through	through	ADP
ftr-312	350	114	their	their	PRON
ftr-312	350	115	jointly	jointly	ADV
ftr-312	350	116	held	hold	VERB
ftr-312	350	117	investment	investment	NOUN
ftr-312	350	118	vehicle.72	vehicle.72	NOUN
ftr-312	350	119	iv	iv	NOUN
ftr-312	350	120	.	.	PUNCT
ftr-312	351	1	explaining	explain	VERB
ftr-312	351	2	the	the	DET
ftr-312	351	3	dominant	dominant	ADJ
ftr-312	351	4	structure	structure	NOUN
ftr-312	351	5	a.	a.	NOUN
ftr-312	351	6	limited	limit	VERB
ftr-312	351	7	tax	tax	NOUN
ftr-312	351	8	benefits	benefit	NOUN
ftr-312	351	9	of	of	ADP
ftr-312	351	10	a	a	DET
ftr-312	351	11	non	non	ADJ
ftr-312	351	12	-	-	ADJ
ftr-312	351	13	us	us	ADJ
ftr-312	351	14	-	-	PUNCT
ftr-312	351	15	parent	parent	NOUN
ftr-312	351	16	structure	structure	NOUN
ftr-312	351	17	the	the	DET
ftr-312	351	18	tax	tax	NOUN
ftr-312	351	19	benefits	benefit	NOUN
ftr-312	351	20	of	of	ADP
ftr-312	351	21	a	a	DET
ftr-312	351	22	non	non	ADJ
ftr-312	351	23	-	-	ADJ
ftr-312	351	24	us	us	ADV
ftr-312	351	25	-	-	PUNCT
ftr-312	351	26	parented	parent	VERB
ftr-312	351	27	structure	structure	NOUN
ftr-312	351	28	derive	derive	VERB
ftr-312	351	29	from	from	ADP
ftr-312	351	30	three	three	NUM
ftr-312	351	31	possible	possible	ADJ
ftr-312	351	32	factors	factor	NOUN
ftr-312	351	33	.	.	PUNCT
ftr-312	352	1	first	first	ADV
ftr-312	352	2	,	,	PUNCT
ftr-312	352	3	a	a	DET
ftr-312	352	4	non	non	ADJ
ftr-312	352	5	-	-	ADJ
ftr-312	352	6	us	us	ADV
ftr-312	352	7	-	-	PUNCT
ftr-312	352	8	parented	parent	VERB
ftr-312	352	9	structure	structure	NOUN
ftr-312	352	10	may	may	AUX
ftr-312	352	11	reduce	reduce	VERB
ftr-312	352	12	the	the	DET
ftr-312	352	13	current	current	ADJ
ftr-312	352	14	tax	tax	NOUN
ftr-312	352	15	paid	pay	VERB
ftr-312	352	16	by	by	ADP
ftr-312	352	17	a	a	DET
ftr-312	352	18	mnc	mnc	NOUN
ftr-312	352	19	with	with	ADP
ftr-312	352	20	respect	respect	NOUN
ftr-312	352	21	to	to	ADP
ftr-312	352	22	non	non	ADJ
ftr-312	352	23	-	-	ADJ
ftr-312	352	24	us	us	ADJ
ftr-312	352	25	income	income	NOUN
ftr-312	352	26	.	.	PUNCT
ftr-312	353	1	second	second	ADJ
ftr-312	353	2	,	,	PUNCT
ftr-312	353	3	it	it	PRON
ftr-312	353	4	may	may	AUX
ftr-312	353	5	reduce	reduce	VERB
ftr-312	353	6	the	the	DET
ftr-312	353	7	tax	tax	NOUN
ftr-312	353	8	paid	pay	VERB
ftr-312	353	9	upon	upon	SCONJ
ftr-312	353	10	the	the	DET
ftr-312	353	11	repatriation	repatriation	NOUN
ftr-312	353	12	of	of	ADP
ftr-312	353	13	income	income	NOUN
ftr-312	353	14	from	from	ADP
ftr-312	353	15	subsidiaries	subsidiary	NOUN
ftr-312	353	16	to	to	ADP
ftr-312	353	17	the	the	DET
ftr-312	353	18	mnc	mnc	PROPN
ftr-312	353	19	parent	parent	NOUN
ftr-312	353	20	.	.	PUNCT
ftr-312	354	1	third	third	ADJ
ftr-312	354	2	,	,	PUNCT
ftr-312	354	3	it	it	PRON
ftr-312	354	4	may	may	AUX
ftr-312	354	5	reduce	reduce	VERB
ftr-312	354	6	the	the	DET
ftr-312	354	7	current	current	ADJ
ftr-312	354	8	tax	tax	NOUN
ftr-312	354	9	paid	pay	VERB
ftr-312	354	10	by	by	ADP
ftr-312	354	11	an	an	DET
ftr-312	354	12	mnc	mnc	NOUN
ftr-312	354	13	with	with	ADP
ftr-312	354	14	respect	respect	NOUN
ftr-312	354	15	to	to	ADP
ftr-312	354	16	us	us	PROPN
ftr-312	354	17	income	income	NOUN
ftr-312	354	18	.	.	PUNCT
ftr-312	355	1	the	the	DET
ftr-312	355	2	tax	tax	NOUN
ftr-312	355	3	-	-	PUNCT
ftr-312	355	4	efficient	efficient	ADJ
ftr-312	355	5	structures	structure	NOUN
ftr-312	355	6	of	of	ADP
ftr-312	355	7	many	many	ADJ
ftr-312	355	8	us	us	PROPN
ftr-312	355	9	-	-	PUNCT
ftr-312	355	10	parented	parent	VERB
ftr-312	355	11	mncs	mncs	PROPN
ftr-312	355	12	initially	initially	ADV
ftr-312	355	13	suggest	suggest	VERB
ftr-312	355	14	that	that	SCONJ
ftr-312	355	15	a	a	DET
ftr-312	355	16	startup	startup	NOUN
ftr-312	355	17	has	have	VERB
ftr-312	355	18	little	little	ADJ
ftr-312	355	19	to	to	PART
ftr-312	355	20	gain	gain	VERB
ftr-312	355	21	from	from	ADP
ftr-312	355	22	a	a	DET
ftr-312	355	23	non	non	ADJ
ftr-312	355	24	-	-	ADJ
ftr-312	355	25	us	us	ADV
ftr-312	355	26	-	-	PUNCT
ftr-312	355	27	parented	parent	VERB
ftr-312	355	28	structure	structure	NOUN
ftr-312	355	29	.	.	PUNCT
ftr-312	356	1	the	the	DET
ftr-312	356	2	effective	effective	ADJ
ftr-312	356	3	rate	rate	NOUN
ftr-312	356	4	of	of	ADP
ftr-312	356	5	us	us	PROPN
ftr-312	356	6	income	income	NOUN
ftr-312	356	7	tax	tax	NOUN
ftr-312	356	8	collected	collect	VERB
ftr-312	356	9	on	on	ADP
ftr-312	356	10	non	non	ADJ
ftr-312	356	11	-	-	ADJ
ftr-312	356	12	us	us	ADJ
ftr-312	356	13	income	income	NOUN
ftr-312	356	14	earned	earn	VERB
ftr-312	356	15	under	under	ADP
ftr-312	356	16	us	us	PROPN
ftr-312	356	17	-	-	PUNCT
ftr-312	356	18	parented	parent	VERB
ftr-312	356	19	structures	structure	NOUN
ftr-312	356	20	is	be	AUX
ftr-312	356	21	already	already	ADV
ftr-312	356	22	very	very	ADV
ftr-312	356	23	low.73	low.73	ADJ
ftr-312	356	24	even	even	ADV
ftr-312	356	25	if	if	SCONJ
ftr-312	356	26	a	a	DET
ftr-312	356	27	non	non	ADJ
ftr-312	356	28	-	-	ADJ
ftr-312	356	29	us	us	ADV
ftr-312	356	30	-	-	PUNCT
ftr-312	356	31	parented	parent	VERB
ftr-312	356	32	structure	structure	NOUN
ftr-312	356	33	brings	bring	VERB
ftr-312	356	34	the	the	DET
ftr-312	356	35	rate	rate	NOUN
ftr-312	356	36	of	of	ADP
ftr-312	356	37	current	current	ADJ
ftr-312	356	38	us	us	PROPN
ftr-312	356	39	taxation	taxation	NOUN
ftr-312	356	40	on	on	ADP
ftr-312	356	41	non	non	ADJ
ftr-312	356	42	-	-	ADJ
ftr-312	356	43	us	us	ADJ
ftr-312	356	44	income	income	NOUN
ftr-312	356	45	closer	close	ADV
ftr-312	356	46	to	to	ADP
ftr-312	356	47	zero	zero	NUM
ftr-312	356	48	,	,	PUNCT
ftr-312	356	49	it	it	PRON
ftr-312	356	50	may	may	AUX
ftr-312	356	51	not	not	PART
ftr-312	356	52	result	result	VERB
ftr-312	356	53	in	in	ADP
ftr-312	356	54	significant	significant	ADJ
ftr-312	356	55	cost	cost	NOUN
ftr-312	356	56	savings	saving	NOUN
ftr-312	356	57	.	.	PUNCT
ftr-312	357	1	a	a	DET
ftr-312	357	2	non	non	ADJ
ftr-312	357	3	-	-	ADJ
ftr-312	357	4	us	us	ADV
ftr-312	357	5	-	-	PUNCT
ftr-312	357	6	parented	parent	VERB
ftr-312	357	7	structure	structure	NOUN
ftr-312	357	8	might	might	AUX
ftr-312	357	9	also	also	ADV
ftr-312	357	10	permit	permit	VERB
ftr-312	357	11	the	the	DET
ftr-312	357	12	tax	tax	NOUN
ftr-312	357	13	-	-	PUNCT
ftr-312	357	14	efficient	efficient	ADJ
ftr-312	357	15	repatriation	repatriation	NOUN
ftr-312	357	16	of	of	ADP
ftr-312	357	17	profits	profit	NOUN
ftr-312	357	18	to	to	ADP
ftr-312	357	19	the	the	DET
ftr-312	357	20	parent	parent	NOUN
ftr-312	357	21	company	company	NOUN
ftr-312	357	22	,	,	PUNCT
ftr-312	357	23	for	for	ADP
ftr-312	357	24	example	example	NOUN
ftr-312	357	25	for	for	ADP
ftr-312	357	26	the	the	DET
ftr-312	357	27	purpose	purpose	NOUN
ftr-312	357	28	of	of	ADP
ftr-312	357	29	dividend	dividend	NOUN
ftr-312	357	30	distributions	distribution	NOUN
ftr-312	357	31	to	to	ADP
ftr-312	357	32	ultimate	ultimate	ADJ
ftr-312	357	33	shareholders	shareholder	NOUN
ftr-312	357	34	.	.	PUNCT
ftr-312	358	1	under	under	ADP
ftr-312	358	2	the	the	DET
ftr-312	358	3	currently	currently	ADV
ftr-312	358	4	dominant	dominant	ADJ
ftr-312	358	5	us	us	PROPN
ftr-312	358	6	-	-	PUNCT
ftr-312	358	7	parented	parent	VERB
ftr-312	358	8	mnc	mnc	PROPN
ftr-312	358	9	structure	structure	NOUN
ftr-312	358	10	,	,	PUNCT
ftr-312	358	11	a	a	DET
ftr-312	358	12	firm	firm	NOUN
ftr-312	358	13	pays	pay	VERB
ftr-312	358	14	us	us	PROPN
ftr-312	358	15	income	income	NOUN
ftr-312	358	16	tax	tax	NOUN
ftr-312	358	17	less	less	ADJ
ftr-312	358	18	foreign	foreign	ADJ
ftr-312	358	19	tax	tax	NOUN
ftr-312	358	20	credits	credit	NOUN
ftr-312	358	21	,	,	PUNCT
ftr-312	358	22	in	in	ADP
ftr-312	358	23	addition	addition	NOUN
ftr-312	358	24	to	to	ADP
ftr-312	358	25	withholding	withholding	NOUN
ftr-312	358	26	taxes	taxis	NOUN
ftr-312	358	27	,	,	PUNCT
ftr-312	358	28	when	when	SCONJ
ftr-312	358	29	the	the	DET
ftr-312	358	30	mnc	mnc	PROPN
ftr-312	358	31	repatriates	repatriate	VERB
ftr-312	358	32	profits	profit	NOUN
ftr-312	358	33	from	from	ADP
ftr-312	358	34	a	a	DET
ftr-312	358	35	foreign	foreign	ADJ
ftr-312	358	36	subsidiary	subsidiary	NOUN
ftr-312	358	37	to	to	ADP
ftr-312	358	38	the	the	DET
ftr-312	358	39	us	us	PROPN
ftr-312	358	40	parent	parent	NOUN
ftr-312	358	41	.	.	PUNCT
ftr-312	359	1	some	some	DET
ftr-312	359	2	firms	firm	NOUN
ftr-312	359	3	,	,	PUNCT
ftr-312	359	4	in	in	ADP
ftr-312	359	5	particular	particular	ADJ
ftr-312	359	6	technology	technology	NOUN
ftr-312	359	7	firms	firm	NOUN
ftr-312	359	8	,	,	PUNCT
ftr-312	359	9	can	can	AUX
ftr-312	359	10	achieve	achieve	VERB
ftr-312	359	11	very	very	ADV
ftr-312	359	12	low	low	ADJ
ftr-312	359	13	rates	rate	NOUN
ftr-312	359	14	of	of	ADP
ftr-312	359	15	non	non	ADJ
ftr-312	359	16	-	-	ADJ
ftr-312	359	17	us	us	ADJ
ftr-312	359	18	tax	tax	NOUN
ftr-312	359	19	rate	rate	NOUN
ftr-312	359	20	on	on	ADP
ftr-312	359	21	non	non	ADJ
ftr-312	359	22	-	-	ADJ
ftr-312	359	23	us	us	ADJ
ftr-312	359	24	income	income	NOUN
ftr-312	359	25	.	.	PUNCT
ftr-312	360	1	as	as	ADP
ftr-312	360	2	a	a	DET
ftr-312	360	3	result	result	NOUN
ftr-312	360	4	,	,	PUNCT
ftr-312	360	5	they	they	PRON
ftr-312	360	6	may	may	AUX
ftr-312	360	7	have	have	VERB
ftr-312	360	8	less	less	ADJ
ftr-312	360	9	ability	ability	NOUN
ftr-312	360	10	to	to	PART
ftr-312	360	11	use	use	VERB
ftr-312	360	12	foreign	foreign	ADJ
ftr-312	360	13	tax	tax	NOUN
ftr-312	360	14	credits	credit	NOUN
ftr-312	360	15	to	to	PART
ftr-312	360	16	shelter	shelter	VERB
ftr-312	360	17	us	we	PRON
ftr-312	360	18	income	income	NOUN
ftr-312	360	19	tax	tax	NOUN
ftr-312	360	20	upon	upon	SCONJ
ftr-312	360	21	the	the	DET
ftr-312	360	22	repatriation	repatriation	NOUN
ftr-312	360	23	of	of	ADP
ftr-312	360	24	profits.74	profits.74	PROPN
ftr-312	360	25	0950130-99-006648.txt	0950130-99-006648.txt	PROPN
ftr-312	360	26	(	(	PUNCT
ftr-312	360	27	disclosing	disclose	VERB
ftr-312	360	28	that	that	PRON
ftr-312	360	29	opentv	opentv	NOUN
ftr-312	360	30	began	begin	VERB
ftr-312	360	31	as	as	ADP
ftr-312	360	32	a	a	DET
ftr-312	360	33	joint	joint	ADJ
ftr-312	360	34	venture	venture	NOUN
ftr-312	360	35	between	between	ADP
ftr-312	360	36	thomson	thomson	PROPN
ftr-312	360	37	multimedia	multimedia	PROPN
ftr-312	360	38	s.a	s.a	PROPN
ftr-312	360	39	.	.	PROPN
ftr-312	360	40	and	and	CCONJ
ftr-312	360	41	sun	sun	NOUN
ftr-312	360	42	microsystems	microsystem	NOUN
ftr-312	360	43	)	)	PUNCT
ftr-312	360	44	.	.	PUNCT
ftr-312	361	1	72	72	X
ftr-312	361	2	.	.	PUNCT
ftr-312	362	1	see	see	VERB
ftr-312	362	2	michael	michael	PROPN
ftr-312	362	3	kors	kors	PROPN
ftr-312	362	4	holdings	holdings	PROPN
ftr-312	362	5	ltd	ltd	PROPN
ftr-312	362	6	.	.	PROPN
ftr-312	362	7	,	,	PUNCT
ftr-312	362	8	registration	registration	NOUN
ftr-312	362	9	statement	statement	NOUN
ftr-312	362	10	(	(	PUNCT
ftr-312	362	11	form	form	NOUN
ftr-312	362	12	f-1	f-1	NOUN
ftr-312	362	13	)	)	PUNCT
ftr-312	362	14	87	87	NUM
ftr-312	362	15	–	–	PUNCT
ftr-312	362	16	88	88	NUM
ftr-312	362	17	(	(	PUNCT
ftr-312	362	18	dec	dec	PROPN
ftr-312	362	19	.	.	PROPN
ftr-312	362	20	2	2	NUM
ftr-312	362	21	,	,	PUNCT
ftr-312	362	22	2011	2011	NUM
ftr-312	362	23	)	)	PUNCT
ftr-312	362	24	,	,	PUNCT
ftr-312	362	25	http://www.sec.gov/archives/edgar/data/1530721/0001193	http://www.sec.gov/archives/edgar/data/1530721/0001193	PROPN
ftr-312	362	26	12511328487	12511328487	NUM
ftr-312	362	27	/	/	SYM
ftr-312	362	28	d232021df1.htm	d232021df1.htm	PROPN
ftr-312	362	29	(	(	PUNCT
ftr-312	362	30	disclosing	disclose	VERB
ftr-312	362	31	approximately	approximately	ADV
ftr-312	362	32	52	52	NUM
ftr-312	362	33	percent	percent	NOUN
ftr-312	362	34	pre	pre	ADJ
ftr-312	362	35	-	-	ADJ
ftr-312	362	36	ipo	ipo	ADJ
ftr-312	362	37	beneficial	beneficial	ADJ
ftr-312	362	38	ownership	ownership	NOUN
ftr-312	362	39	by	by	ADP
ftr-312	362	40	silas	silas	PROPN
ftr-312	362	41	k.f	k.f	PROPN
ftr-312	362	42	.	.	PROPN
ftr-312	362	43	chou	chou	PROPN
ftr-312	362	44	,	,	PUNCT
ftr-312	362	45	a	a	DET
ftr-312	362	46	hong	hong	PROPN
ftr-312	362	47	kong	kong	PROPN
ftr-312	362	48	individual	individual	NOUN
ftr-312	362	49	,	,	PUNCT
ftr-312	362	50	and	and	CCONJ
ftr-312	362	51	lawrence	lawrence	PROPN
ftr-312	362	52	s.	s.	PROPN
ftr-312	362	53	stroll	stroll	PROPN
ftr-312	362	54	,	,	PUNCT
ftr-312	362	55	a	a	DET
ftr-312	362	56	canadian	canadian	ADJ
ftr-312	362	57	individual	individual	NOUN
ftr-312	362	58	)	)	PUNCT
ftr-312	362	59	.	.	PUNCT
ftr-312	363	1	73	73	NUM
ftr-312	363	2	.	.	PUNCT
ftr-312	364	1	see	see	VERB
ftr-312	364	2	supra	supra	PROPN
ftr-312	364	3	note	note	PROPN
ftr-312	364	4	13	13	NUM
ftr-312	364	5	and	and	CCONJ
ftr-312	364	6	accompanying	accompany	VERB
ftr-312	364	7	text	text	NOUN
ftr-312	364	8	(	(	PUNCT
ftr-312	364	9	reviewing	review	VERB
ftr-312	364	10	data	datum	NOUN
ftr-312	364	11	on	on	ADP
ftr-312	364	12	us	us	PROPN
ftr-312	364	13	taxation	taxation	NOUN
ftr-312	364	14	of	of	ADP
ftr-312	364	15	non	non	ADJ
ftr-312	364	16	-	-	ADJ
ftr-312	364	17	us	us	ADJ
ftr-312	364	18	income	income	NOUN
ftr-312	364	19	of	of	ADP
ftr-312	364	20	us	us	PROPN
ftr-312	364	21	-	-	PUNCT
ftr-312	364	22	parented	parent	VERB
ftr-312	364	23	mncs	mncs	PROPN
ftr-312	364	24	)	)	PUNCT
ftr-312	364	25	.	.	PUNCT
ftr-312	365	1	74	74	X
ftr-312	365	2	.	.	PUNCT
ftr-312	366	1	see	see	VERB
ftr-312	366	2	rosanne	rosanne	PROPN
ftr-312	366	3	altshuler	altshuler	PROPN
ftr-312	366	4	&	&	CCONJ
ftr-312	366	5	harry	harry	PROPN
ftr-312	366	6	grubert	grubert	PROPN
ftr-312	366	7	,	,	PUNCT
ftr-312	366	8	repatriation	repatriation	NOUN
ftr-312	366	9	taxes	taxis	NOUN
ftr-312	366	10	,	,	PUNCT
ftr-312	366	11	repatriation	repatriation	NOUN
ftr-312	366	12	strategies	strategy	NOUN
ftr-312	366	13	and	and	CCONJ
ftr-312	366	14	multinational	multinational	ADJ
ftr-312	366	15	financial	financial	ADJ
ftr-312	366	16	policy	policy	NOUN
ftr-312	366	17	,	,	PUNCT
ftr-312	366	18	87	87	NUM
ftr-312	366	19	j.	j.	PROPN
ftr-312	366	20	pub	pub	PROPN
ftr-312	366	21	.	.	PUNCT
ftr-312	367	1	econ	econ	PROPN
ftr-312	367	2	.	.	PUNCT
ftr-312	368	1	73	73	NUM
ftr-312	368	2	,	,	PUNCT
ftr-312	368	3	74–75	74–75	NUM
ftr-312	368	4	(	(	PUNCT
ftr-312	368	5	2002	2002	NUM
ftr-312	368	6	)	)	PUNCT
ftr-312	368	7	(	(	PUNCT
ftr-312	368	8	noting	note	VERB
ftr-312	368	9	the	the	DET
ftr-312	368	10	connection	connection	NOUN
ftr-312	368	11	between	between	ADP
ftr-312	368	12	lower	low	ADJ
ftr-312	368	13	foreign	foreign	ADJ
ftr-312	368	14	tax	tax	NOUN
ftr-312	368	15	rates	rate	NOUN
ftr-312	368	16	and	and	CCONJ
ftr-312	368	17	higher	high	ADJ
ftr-312	368	18	incentives	incentive	NOUN
ftr-312	368	19	to	to	PART
ftr-312	368	20	avoid	avoid	VERB
ftr-312	368	21	repatriation	repatriation	NOUN
ftr-312	368	22	)	)	PUNCT
ftr-312	368	23	.	.	PUNCT
ftr-312	369	1	it	it	PRON
ftr-312	369	2	is	be	AUX
ftr-312	369	3	possible	possible	ADJ
ftr-312	369	4	for	for	SCONJ
ftr-312	369	5	a	a	DET
ftr-312	369	6	us	us	PROPN
ftr-312	369	7	parent	parent	NOUN
ftr-312	369	8	to	to	PART
ftr-312	369	9	benefit	benefit	VERB
ftr-312	369	10	from	from	ADP
ftr-312	369	11	offshore	offshore	ADJ
ftr-312	369	12	cash	cash	NOUN
ftr-312	369	13	without	without	ADP
ftr-312	369	14	a	a	DET
ftr-312	369	15	taxable	taxable	ADJ
ftr-312	369	16	repatriation	repatriation	NOUN
ftr-312	369	17	in	in	ADP
ftr-312	369	18	some	some	DET
ftr-312	369	19	circumstances	circumstance	NOUN
ftr-312	369	20	,	,	PUNCT
ftr-312	369	21	as	as	SCONJ
ftr-312	369	22	high	high	ADJ
ftr-312	369	23	-	-	PUNCT
ftr-312	369	24	profile	profile	NOUN
ftr-312	369	25	cases	case	NOUN
ftr-312	369	26	illustrate	illustrate	VERB
ftr-312	369	27	.	.	PUNCT
ftr-312	370	1	see	see	VERB
ftr-312	370	2	,	,	PUNCT
ftr-312	370	3	e.g.	e.g.	ADV
ftr-312	370	4	,	,	PUNCT
ftr-312	370	5	peter	peter	PROPN
ftr-312	370	6	burrows	burrow	VERB
ftr-312	370	7	,	,	PUNCT
ftr-312	370	8	apple	apple	NOUN
ftr-312	370	9	avoids	avoid	VERB
ftr-312	370	10	$	$	SYM
ftr-312	370	11	9.2	9.2	NUM
ftr-312	370	12	billion	billion	NUM
ftr-312	370	13	in	in	ADP
ftr-312	370	14	taxes	taxis	NOUN
ftr-312	370	15	with	with	ADP
ftr-312	370	16	338	338	NUM
ftr-312	370	17	florida	florida	PROPN
ftr-312	370	18	tax	tax	NOUN
ftr-312	370	19	review	review	NOUN
ftr-312	370	20	[	[	X
ftr-312	370	21	vol	vol	NOUN
ftr-312	370	22	.	.	PUNCT
ftr-312	371	1	14:8	14:8	NUM
ftr-312	371	2	many	many	ADJ
ftr-312	371	3	us	us	PROPN
ftr-312	371	4	-	-	PUNCT
ftr-312	371	5	parented	parent	VERB
ftr-312	371	6	firms	firm	NOUN
ftr-312	371	7	have	have	VERB
ftr-312	371	8	substantial	substantial	ADJ
ftr-312	371	9	profits	profit	NOUN
ftr-312	371	10	that	that	PRON
ftr-312	371	11	remain	remain	VERB
ftr-312	371	12	offshore	offshore	ADJ
ftr-312	371	13	,	,	PUNCT
ftr-312	371	14	in	in	ADP
ftr-312	371	15	part	part	NOUN
ftr-312	371	16	because	because	SCONJ
ftr-312	371	17	of	of	ADP
ftr-312	371	18	the	the	DET
ftr-312	371	19	residual	residual	ADJ
ftr-312	371	20	tax	tax	NOUN
ftr-312	371	21	expense	expense	NOUN
ftr-312	371	22	of	of	ADP
ftr-312	371	23	repatriation.75	repatriation.75	PROPN
ftr-312	371	24	a	a	DET
ftr-312	371	25	nonus	nonus	ADV
ftr-312	371	26	-	-	PUNCT
ftr-312	371	27	parented	parent	VERB
ftr-312	371	28	structure	structure	NOUN
ftr-312	371	29	would	would	AUX
ftr-312	371	30	remove	remove	VERB
ftr-312	371	31	this	this	DET
ftr-312	371	32	residual	residual	ADJ
ftr-312	371	33	us	us	PROPN
ftr-312	371	34	tax	tax	NOUN
ftr-312	371	35	obstacle	obstacle	NOUN
ftr-312	371	36	to	to	PART
ftr-312	371	37	repatriation	repatriation	VERB
ftr-312	371	38	from	from	ADP
ftr-312	371	39	a	a	DET
ftr-312	371	40	us	us	PROPN
ftr-312	371	41	subsidiary	subsidiary	NOUN
ftr-312	371	42	to	to	ADP
ftr-312	371	43	a	a	DET
ftr-312	371	44	foreign	foreign	ADJ
ftr-312	371	45	parent	parent	NOUN
ftr-312	371	46	.	.	PUNCT
ftr-312	372	1	such	such	DET
ftr-312	372	2	a	a	DET
ftr-312	372	3	non	non	ADJ
ftr-312	372	4	-	-	ADJ
ftr-312	372	5	usparented	usparented	ADJ
ftr-312	372	6	structure	structure	NOUN
ftr-312	372	7	presents	present	VERB
ftr-312	372	8	other	other	ADJ
ftr-312	372	9	planning	planning	NOUN
ftr-312	372	10	challenges	challenge	NOUN
ftr-312	372	11	,	,	PUNCT
ftr-312	372	12	however	however	ADV
ftr-312	372	13	,	,	PUNCT
ftr-312	372	14	including	include	VERB
ftr-312	372	15	the	the	DET
ftr-312	372	16	challenge	challenge	NOUN
ftr-312	372	17	of	of	ADP
ftr-312	372	18	how	how	SCONJ
ftr-312	372	19	to	to	PART
ftr-312	372	20	avoid	avoid	VERB
ftr-312	372	21	withholding	withhold	VERB
ftr-312	372	22	taxes	taxis	NOUN
ftr-312	372	23	on	on	ADP
ftr-312	372	24	such	such	DET
ftr-312	372	25	a	a	DET
ftr-312	372	26	repatriation	repatriation	NOUN
ftr-312	372	27	payment	payment	NOUN
ftr-312	372	28	.	.	PUNCT
ftr-312	373	1	withholding	withhold	VERB
ftr-312	373	2	taxes	taxis	NOUN
ftr-312	373	3	are	be	AUX
ftr-312	373	4	generally	generally	ADV
ftr-312	373	5	charged	charge	VERB
ftr-312	373	6	at	at	ADP
ftr-312	373	7	rates	rate	NOUN
ftr-312	373	8	as	as	ADV
ftr-312	373	9	high	high	ADJ
ftr-312	373	10	as	as	ADP
ftr-312	373	11	30	30	NUM
ftr-312	373	12	percent	percent	NOUN
ftr-312	373	13	on	on	ADP
ftr-312	373	14	related	related	ADJ
ftr-312	373	15	party	party	NOUN
ftr-312	373	16	interest	interest	NOUN
ftr-312	373	17	or	or	CCONJ
ftr-312	373	18	dividends	dividend	NOUN
ftr-312	373	19	paid	pay	VERB
ftr-312	373	20	by	by	ADP
ftr-312	373	21	a	a	DET
ftr-312	373	22	us	us	PROPN
ftr-312	373	23	firm	firm	NOUN
ftr-312	373	24	and	and	CCONJ
ftr-312	373	25	on	on	ADP
ftr-312	373	26	royalties	royalty	NOUN
ftr-312	373	27	paid	pay	VERB
ftr-312	373	28	for	for	ADP
ftr-312	373	29	the	the	DET
ftr-312	373	30	use	use	NOUN
ftr-312	373	31	of	of	ADP
ftr-312	373	32	us	we	PRON
ftr-312	373	33	intellectual	intellectual	ADJ
ftr-312	373	34	property,76	property,76	ADJ
ftr-312	373	35	and	and	CCONJ
ftr-312	373	36	treaty	treaty	NOUN
ftr-312	373	37	planning	planning	NOUN
ftr-312	373	38	is	be	AUX
ftr-312	373	39	presumably	presumably	ADV
ftr-312	373	40	necessary	necessary	ADJ
ftr-312	373	41	to	to	PART
ftr-312	373	42	reduce	reduce	VERB
ftr-312	373	43	these	these	DET
ftr-312	373	44	taxes.77	taxes.77	ADJ
ftr-312	373	45	the	the	DET
ftr-312	373	46	possible	possible	ADJ
ftr-312	373	47	reduction	reduction	NOUN
ftr-312	373	48	in	in	ADP
ftr-312	373	49	tax	tax	NOUN
ftr-312	373	50	on	on	ADP
ftr-312	373	51	us	us	PROPN
ftr-312	373	52	income	income	NOUN
ftr-312	373	53	as	as	ADP
ftr-312	373	54	a	a	DET
ftr-312	373	55	result	result	NOUN
ftr-312	373	56	of	of	ADP
ftr-312	373	57	a	a	DET
ftr-312	373	58	non	non	ADJ
ftr-312	373	59	-	-	ADJ
ftr-312	373	60	usparented	usparented	ADJ
ftr-312	373	61	structure	structure	NOUN
ftr-312	373	62	also	also	ADV
ftr-312	373	63	deserves	deserve	VERB
ftr-312	373	64	consideration	consideration	NOUN
ftr-312	373	65	.	.	PUNCT
ftr-312	374	1	evidence	evidence	NOUN
ftr-312	374	2	from	from	ADP
ftr-312	374	3	inversion	inversion	NOUN
ftr-312	374	4	transactions	transaction	NOUN
ftr-312	374	5	suggests	suggest	VERB
ftr-312	374	6	that	that	SCONJ
ftr-312	374	7	the	the	DET
ftr-312	374	8	main	main	ADJ
ftr-312	374	9	benefit	benefit	NOUN
ftr-312	374	10	of	of	ADP
ftr-312	374	11	transforming	transform	VERB
ftr-312	374	12	from	from	ADP
ftr-312	374	13	a	a	DET
ftr-312	374	14	usparented	usparente	VERB
ftr-312	374	15	to	to	ADP
ftr-312	374	16	a	a	DET
ftr-312	374	17	tax	tax	NOUN
ftr-312	374	18	-	-	PUNCT
ftr-312	374	19	haven	haven	NOUN
ftr-312	374	20	-	-	PUNCT
ftr-312	374	21	parented	parent	VERB
ftr-312	374	22	corporation	corporation	NOUN
ftr-312	374	23	lies	lie	VERB
ftr-312	374	24	in	in	ADP
ftr-312	374	25	the	the	DET
ftr-312	374	26	reduction	reduction	NOUN
ftr-312	374	27	of	of	ADP
ftr-312	374	28	tax	tax	NOUN
ftr-312	374	29	on	on	ADP
ftr-312	374	30	us	us	PROPN
ftr-312	374	31	income	income	NOUN
ftr-312	374	32	,	,	PUNCT
ftr-312	374	33	not	not	PART
ftr-312	374	34	in	in	ADP
ftr-312	374	35	the	the	DET
ftr-312	374	36	reduction	reduction	NOUN
ftr-312	374	37	of	of	ADP
ftr-312	374	38	tax	tax	NOUN
ftr-312	374	39	on	on	ADP
ftr-312	374	40	non	non	ADJ
ftr-312	374	41	-	-	ADJ
ftr-312	374	42	us	us	ADJ
ftr-312	374	43	income	income	NOUN
ftr-312	374	44	.	.	PUNCT
ftr-312	375	1	inverted	invert	VERB
ftr-312	375	2	companies	company	NOUN
ftr-312	375	3	erode	erode	VERB
ftr-312	375	4	the	the	DET
ftr-312	375	5	tax	tax	NOUN
ftr-312	375	6	base	base	NOUN
ftr-312	375	7	of	of	ADP
ftr-312	375	8	their	their	PRON
ftr-312	375	9	us	us	PROPN
ftr-312	375	10	operating	operating	NOUN
ftr-312	375	11	subsidiaries	subsidiary	NOUN
ftr-312	375	12	through	through	ADP
ftr-312	375	13	strategies	strategy	NOUN
ftr-312	375	14	such	such	ADJ
ftr-312	375	15	as	as	ADP
ftr-312	375	16	intercompany	intercompany	NOUN
ftr-312	375	17	leverage	leverage	NOUN
ftr-312	375	18	,	,	PUNCT
ftr-312	375	19	which	which	PRON
ftr-312	375	20	results	result	VERB
ftr-312	375	21	in	in	ADP
ftr-312	375	22	deductible	deductible	ADJ
ftr-312	375	23	payments	payment	NOUN
ftr-312	375	24	from	from	ADP
ftr-312	375	25	us	us	PROPN
ftr-312	375	26	subsidiaries	subsidiary	NOUN
ftr-312	375	27	to	to	ADP
ftr-312	375	28	non	non	ADJ
ftr-312	375	29	-	-	ADJ
ftr-312	375	30	us	us	ADJ
ftr-312	375	31	parents	parent	NOUN
ftr-312	375	32	.	.	PUNCT
ftr-312	376	1	empirical	empirical	ADJ
ftr-312	376	2	evidence	evidence	NOUN
ftr-312	376	3	indicates	indicate	VERB
ftr-312	376	4	that	that	SCONJ
ftr-312	376	5	the	the	DET
ftr-312	376	6	benefit	benefit	NOUN
ftr-312	376	7	of	of	ADP
ftr-312	376	8	an	an	DET
ftr-312	376	9	inverted	inverted	ADJ
ftr-312	376	10	transaction	transaction	NOUN
ftr-312	376	11	to	to	ADP
ftr-312	376	12	a	a	DET
ftr-312	376	13	firm	firm	NOUN
ftr-312	376	14	correlates	correlate	VERB
ftr-312	376	15	with	with	ADP
ftr-312	376	16	the	the	DET
ftr-312	376	17	availability	availability	NOUN
ftr-312	376	18	of	of	ADP
ftr-312	376	19	such	such	ADJ
ftr-312	376	20	base	base	NOUN
ftr-312	376	21	erosion	erosion	NOUN
ftr-312	376	22	strategies	strategy	NOUN
ftr-312	376	23	,	,	PUNCT
ftr-312	376	24	although	although	SCONJ
ftr-312	376	25	base	base	NOUN
ftr-312	376	26	erosion	erosion	NOUN
ftr-312	376	27	can	can	AUX
ftr-312	376	28	also	also	ADV
ftr-312	376	29	feature	feature	VERB
ftr-312	376	30	in	in	ADP
ftr-312	376	31	us	us	PROPN
ftr-312	376	32	-	-	PUNCT
ftr-312	376	33	parented	parent	VERB
ftr-312	376	34	structures.78	structures.78	VERB
ftr-312	376	35	importantly	importantly	ADV
ftr-312	376	36	,	,	PUNCT
ftr-312	376	37	all	all	DET
ftr-312	376	38	three	three	NUM
ftr-312	376	39	of	of	ADP
ftr-312	376	40	these	these	DET
ftr-312	376	41	advantages	advantage	NOUN
ftr-312	376	42	—	—	PUNCT
ftr-312	376	43	reduction	reduction	NOUN
ftr-312	376	44	of	of	ADP
ftr-312	376	45	tax	tax	NOUN
ftr-312	376	46	on	on	ADP
ftr-312	376	47	nonus	nonus	ADJ
ftr-312	376	48	income	income	NOUN
ftr-312	376	49	,	,	PUNCT
ftr-312	376	50	reduced	reduce	VERB
ftr-312	376	51	tax	tax	NOUN
ftr-312	376	52	upon	upon	SCONJ
ftr-312	376	53	repatriation	repatriation	NOUN
ftr-312	376	54	,	,	PUNCT
ftr-312	376	55	and	and	CCONJ
ftr-312	376	56	reduction	reduction	NOUN
ftr-312	376	57	of	of	ADP
ftr-312	376	58	tax	tax	NOUN
ftr-312	376	59	on	on	ADP
ftr-312	376	60	us	us	PROPN
ftr-312	376	61	income	income	NOUN
ftr-312	376	62	—	—	PUNCT
ftr-312	376	63	will	will	AUX
ftr-312	376	64	benefit	benefit	VERB
ftr-312	376	65	a	a	DET
ftr-312	376	66	mature	mature	ADJ
ftr-312	376	67	and	and	CCONJ
ftr-312	376	68	profitable	profitable	ADJ
ftr-312	376	69	firm	firm	NOUN
ftr-312	376	70	more	more	ADJ
ftr-312	376	71	than	than	ADP
ftr-312	376	72	a	a	DET
ftr-312	376	73	loss	loss	NOUN
ftr-312	376	74	-	-	PUNCT
ftr-312	376	75	making	making	NOUN
ftr-312	376	76	,	,	PUNCT
ftr-312	376	77	newly	newly	ADV
ftr-312	376	78	-	-	PUNCT
ftr-312	376	79	formed	form	VERB
ftr-312	376	80	startup	startup	NOUN
ftr-312	376	81	corporation	corporation	NOUN
ftr-312	376	82	.	.	PUNCT
ftr-312	377	1	for	for	ADP
ftr-312	377	2	example	example	NOUN
ftr-312	377	3	,	,	PUNCT
ftr-312	377	4	in	in	ADP
ftr-312	377	5	order	order	NOUN
ftr-312	377	6	to	to	PART
ftr-312	377	7	take	take	VERB
ftr-312	377	8	advantage	advantage	NOUN
ftr-312	377	9	of	of	ADP
ftr-312	377	10	a	a	DET
ftr-312	377	11	non	non	ADJ
ftr-312	377	12	-	-	ADJ
ftr-312	377	13	us	us	ADV
ftr-312	377	14	-	-	PUNCT
ftr-312	377	15	parented	parent	VERB
ftr-312	377	16	structure	structure	NOUN
ftr-312	377	17	to	to	PART
ftr-312	377	18	reduce	reduce	VERB
ftr-312	377	19	tax	tax	NOUN
ftr-312	377	20	on	on	ADP
ftr-312	377	21	us	us	PROPN
ftr-312	377	22	income	income	NOUN
ftr-312	377	23	,	,	PUNCT
ftr-312	377	24	a	a	DET
ftr-312	377	25	firm	firm	NOUN
ftr-312	377	26	needs	need	VERB
ftr-312	377	27	taxable	taxable	ADJ
ftr-312	377	28	income	income	NOUN
ftr-312	377	29	and	and	CCONJ
ftr-312	377	30	the	the	DET
ftr-312	377	31	capacity	capacity	NOUN
ftr-312	377	32	to	to	PART
ftr-312	377	33	establish	establish	VERB
ftr-312	377	34	intercompany	intercompany	NOUN
ftr-312	377	35	agreements	agreement	NOUN
ftr-312	377	36	that	that	PRON
ftr-312	377	37	support	support	VERB
ftr-312	377	38	deductible	deductible	ADJ
ftr-312	377	39	payments	payment	NOUN
ftr-312	377	40	from	from	ADP
ftr-312	377	41	the	the	DET
ftr-312	377	42	us	us	PROPN
ftr-312	377	43	to	to	ADP
ftr-312	377	44	the	the	DET
ftr-312	377	45	non	non	ADJ
ftr-312	377	46	-	-	ADJ
ftr-312	377	47	us	us	ADJ
ftr-312	377	48	parent	parent	NOUN
ftr-312	377	49	.	.	PUNCT
ftr-312	378	1	many	many	ADJ
ftr-312	378	2	startups	startup	NOUN
ftr-312	378	3	have	have	VERB
ftr-312	378	4	neither	neither	PRON
ftr-312	378	5	.	.	PUNCT
ftr-312	379	1	finally	finally	ADV
ftr-312	379	2	,	,	PUNCT
ftr-312	379	3	a	a	DET
ftr-312	379	4	startup	startup	NOUN
ftr-312	379	5	incorporated	incorporate	VERB
ftr-312	379	6	outside	outside	ADP
ftr-312	379	7	the	the	DET
ftr-312	379	8	united	united	PROPN
ftr-312	379	9	states	states	PROPN
ftr-312	379	10	that	that	PRON
ftr-312	379	11	has	have	VERB
ftr-312	379	12	us	us	PROPN
ftr-312	379	13	shareholders	shareholder	NOUN
ftr-312	379	14	faces	face	VERB
ftr-312	379	15	the	the	DET
ftr-312	379	16	risk	risk	NOUN
ftr-312	379	17	of	of	ADP
ftr-312	379	18	categorization	categorization	NOUN
ftr-312	379	19	as	as	ADP
ftr-312	379	20	a	a	DET
ftr-312	379	21	passive	passive	ADJ
ftr-312	379	22	foreign	foreign	ADJ
ftr-312	379	23	investment	investment	NOUN
ftr-312	379	24	company	company	NOUN
ftr-312	379	25	,	,	PUNCT
ftr-312	379	26	or	or	CCONJ
ftr-312	379	27	pfic	pfic	NOUN
ftr-312	379	28	.	.	PUNCT
ftr-312	380	1	a	a	DET
ftr-312	380	2	foreign	foreign	ADJ
ftr-312	380	3	corporation	corporation	NOUN
ftr-312	380	4	is	be	AUX
ftr-312	380	5	a	a	DET
ftr-312	380	6	pfic	pfic	NOUN
ftr-312	380	7	if	if	SCONJ
ftr-312	380	8	passive	passive	ADJ
ftr-312	380	9	income	income	NOUN
ftr-312	380	10	makes	make	VERB
ftr-312	380	11	debt	debt	NOUN
ftr-312	380	12	deal	deal	NOUN
ftr-312	380	13	,	,	PUNCT
ftr-312	380	14	bloomberg	bloomberg	PROPN
ftr-312	380	15	,	,	PUNCT
ftr-312	380	16	may	may	AUX
ftr-312	380	17	3	3	NUM
ftr-312	380	18	,	,	PUNCT
ftr-312	380	19	2013	2013	NUM
ftr-312	380	20	,	,	PUNCT
ftr-312	380	21	http://www.bloomberg.com/news/2013-0502/apple-avoids-9-2-billion-in-taxes-with-debt-deal.html	http://www.bloomberg.com/news/2013-0502/apple-avoids-9-2-billion-in-taxes-with-debt-deal.html	PROPN
ftr-312	380	22	.	.	PUNCT
ftr-312	381	1	75	75	NUM
ftr-312	381	2	.	.	PUNCT
ftr-312	382	1	see	see	VERB
ftr-312	382	2	susan	susan	PROPN
ftr-312	382	3	c.	c.	PROPN
ftr-312	382	4	morse	morse	PROPN
ftr-312	382	5	,	,	PUNCT
ftr-312	382	6	a	a	DET
ftr-312	382	7	corporate	corporate	ADJ
ftr-312	382	8	offshore	offshore	ADJ
ftr-312	382	9	profits	profit	NOUN
ftr-312	382	10	transition	transition	NOUN
ftr-312	382	11	tax	tax	NOUN
ftr-312	382	12	,	,	PUNCT
ftr-312	382	13	91	91	NUM
ftr-312	382	14	n.c	n.c	PROPN
ftr-312	382	15	.	.	PROPN
ftr-312	382	16	l.	l.	PROPN
ftr-312	382	17	rev	rev	PROPN
ftr-312	382	18	.	.	PROPN
ftr-312	382	19	549	549	NUM
ftr-312	382	20	,	,	PUNCT
ftr-312	382	21	550	550	NUM
ftr-312	382	22	(	(	PUNCT
ftr-312	382	23	2013	2013	NUM
ftr-312	382	24	)	)	PUNCT
ftr-312	382	25	(	(	PUNCT
ftr-312	382	26	referencing	reference	VERB
ftr-312	382	27	estimate	estimate	NOUN
ftr-312	382	28	of	of	ADP
ftr-312	382	29	$	$	SYM
ftr-312	382	30	1	1	NUM
ftr-312	382	31	trillion	trillion	NUM
ftr-312	382	32	to	to	PART
ftr-312	382	33	$	$	SYM
ftr-312	382	34	2	2	NUM
ftr-312	382	35	trillion	trillion	NUM
ftr-312	382	36	of	of	ADP
ftr-312	382	37	untaxed	untaxed	ADJ
ftr-312	382	38	offshore	offshore	ADJ
ftr-312	382	39	earnings	earning	NOUN
ftr-312	382	40	)	)	PUNCT
ftr-312	382	41	.	.	PUNCT
ftr-312	383	1	76	76	NUM
ftr-312	383	2	.	.	PUNCT
ftr-312	384	1	see	see	VERB
ftr-312	384	2	,	,	PUNCT
ftr-312	384	3	e.g.	e.g.	ADV
ftr-312	384	4	,	,	PUNCT
ftr-312	384	5	i.r.c	i.r.c	NOUN
ftr-312	384	6	.	.	PUNCT
ftr-312	385	1	§	§	PROPN
ftr-312	385	2	§	§	PROPN
ftr-312	385	3	861	861	NUM
ftr-312	385	4	(	(	PUNCT
ftr-312	385	5	providing	provide	VERB
ftr-312	385	6	source	source	NOUN
ftr-312	385	7	rules	rule	NOUN
ftr-312	385	8	)	)	PUNCT
ftr-312	385	9	,	,	PUNCT
ftr-312	385	10	881	881	NUM
ftr-312	385	11	(	(	PUNCT
ftr-312	385	12	taxing	tax	VERB
ftr-312	385	13	non	non	ADJ
ftr-312	385	14	-	-	ADJ
ftr-312	385	15	us	us	ADJ
ftr-312	385	16	corporations	corporation	NOUN
ftr-312	385	17	on	on	ADP
ftr-312	385	18	the	the	DET
ftr-312	385	19	receipt	receipt	NOUN
ftr-312	385	20	of	of	ADP
ftr-312	385	21	certain	certain	ADJ
ftr-312	385	22	us	us	PROPN
ftr-312	385	23	-	-	PUNCT
ftr-312	385	24	source	source	NOUN
ftr-312	385	25	income	income	NOUN
ftr-312	385	26	)	)	PUNCT
ftr-312	385	27	.	.	PUNCT
ftr-312	386	1	77	77	NUM
ftr-312	386	2	.	.	PUNCT
ftr-312	387	1	see	see	VERB
ftr-312	387	2	supra	supra	PROPN
ftr-312	387	3	notes	note	VERB
ftr-312	387	4	25–27	25–27	NUM
ftr-312	387	5	(	(	PUNCT
ftr-312	387	6	discussing	discuss	VERB
ftr-312	387	7	tax	tax	NOUN
ftr-312	387	8	treaty	treaty	NOUN
ftr-312	387	9	planning	planning	NOUN
ftr-312	387	10	in	in	ADP
ftr-312	387	11	the	the	DET
ftr-312	387	12	context	context	NOUN
ftr-312	387	13	of	of	ADP
ftr-312	387	14	non	non	ADJ
ftr-312	387	15	-	-	ADJ
ftr-312	387	16	us	us	ADV
ftr-312	387	17	-	-	PUNCT
ftr-312	387	18	parented	parent	VERB
ftr-312	387	19	firms	firm	NOUN
ftr-312	387	20	’	'	PUNCT
ftr-312	387	21	access	access	NOUN
ftr-312	387	22	to	to	ADP
ftr-312	387	23	permanent	permanent	ADJ
ftr-312	387	24	establishment	establishment	NOUN
ftr-312	387	25	rules	rule	NOUN
ftr-312	387	26	)	)	PUNCT
ftr-312	387	27	.	.	PUNCT
ftr-312	388	1	78	78	NUM
ftr-312	388	2	.	.	PUNCT
ftr-312	389	1	see	see	VERB
ftr-312	389	2	supra	supra	PROPN
ftr-312	389	3	notes	note	VERB
ftr-312	389	4	14–15	14–15	NUM
ftr-312	389	5	and	and	CCONJ
ftr-312	389	6	accompanying	accompany	VERB
ftr-312	389	7	text	text	NOUN
ftr-312	389	8	and	and	CCONJ
ftr-312	389	9	29–32	29–32	NUM
ftr-312	389	10	and	and	CCONJ
ftr-312	389	11	accompanying	accompany	VERB
ftr-312	389	12	text	text	NOUN
ftr-312	389	13	(	(	PUNCT
ftr-312	389	14	reviewing	review	VERB
ftr-312	389	15	base	base	NOUN
ftr-312	389	16	erosion	erosion	NOUN
ftr-312	389	17	strategies	strategy	NOUN
ftr-312	389	18	of	of	ADP
ftr-312	389	19	us	we	PRON
ftr-312	389	20	-	-	PUNCT
ftr-312	389	21	parented	parent	VERB
ftr-312	389	22	and	and	CCONJ
ftr-312	389	23	inverted	inverted	ADJ
ftr-312	389	24	firms	firm	NOUN
ftr-312	389	25	)	)	PUNCT
ftr-312	389	26	.	.	PUNCT
ftr-312	390	1	2013	2013	NUM
ftr-312	390	2	]	]	PUNCT
ftr-312	390	3	tax	tax	NOUN
ftr-312	390	4	planning	planning	NOUN
ftr-312	390	5	and	and	CCONJ
ftr-312	390	6	initial	initial	ADJ
ftr-312	390	7	incorporation	incorporation	NOUN
ftr-312	390	8	location	location	NOUN
ftr-312	390	9	339	339	NUM
ftr-312	390	10	up	up	ADV
ftr-312	390	11	at	at	ADV
ftr-312	390	12	least	least	ADV
ftr-312	390	13	75	75	NUM
ftr-312	390	14	percent	percent	NOUN
ftr-312	390	15	of	of	ADP
ftr-312	390	16	its	its	PRON
ftr-312	390	17	gross	gross	ADJ
ftr-312	390	18	income	income	NOUN
ftr-312	390	19	or	or	CCONJ
ftr-312	390	20	assets	asset	NOUN
ftr-312	390	21	held	hold	VERB
ftr-312	390	22	to	to	PART
ftr-312	390	23	produce	produce	VERB
ftr-312	390	24	passive	passive	ADJ
ftr-312	390	25	income	income	NOUN
ftr-312	390	26	make	make	VERB
ftr-312	390	27	up	up	ADP
ftr-312	390	28	at	at	ADV
ftr-312	390	29	least	least	ADV
ftr-312	390	30	50	50	NUM
ftr-312	390	31	percent	percent	NOUN
ftr-312	390	32	of	of	ADP
ftr-312	390	33	its	its	PRON
ftr-312	390	34	total	total	ADJ
ftr-312	390	35	asset	asset	NOUN
ftr-312	390	36	value.79	value.79	NOUN
ftr-312	390	37	concern	concern	NOUN
ftr-312	390	38	about	about	ADP
ftr-312	390	39	a	a	DET
ftr-312	390	40	startup	startup	NOUN
ftr-312	390	41	’s	’s	PART
ftr-312	390	42	pfic	pfic	ADJ
ftr-312	390	43	status	status	NOUN
ftr-312	390	44	can	can	AUX
ftr-312	390	45	result	result	VERB
ftr-312	390	46	from	from	ADP
ftr-312	390	47	current	current	ADJ
ftr-312	390	48	operating	operating	NOUN
ftr-312	390	49	losses	loss	NOUN
ftr-312	390	50	together	together	ADV
ftr-312	390	51	with	with	ADP
ftr-312	390	52	investment	investment	NOUN
ftr-312	390	53	income	income	NOUN
ftr-312	390	54	produced	produce	VERB
ftr-312	390	55	by	by	ADP
ftr-312	390	56	working	work	VERB
ftr-312	390	57	capital	capital	NOUN
ftr-312	390	58	,	,	PUNCT
ftr-312	390	59	including	include	VERB
ftr-312	390	60	working	work	VERB
ftr-312	390	61	capital	capital	NOUN
ftr-312	390	62	attributable	attributable	ADJ
ftr-312	390	63	to	to	ADP
ftr-312	390	64	ipo	ipo	NOUN
ftr-312	390	65	proceeds	proceed	NOUN
ftr-312	390	66	.	.	PUNCT
ftr-312	391	1	pfic	pfic	ADJ
ftr-312	391	2	status	status	NOUN
ftr-312	391	3	imposes	impose	VERB
ftr-312	391	4	unattractive	unattractive	ADJ
ftr-312	391	5	tax	tax	NOUN
ftr-312	391	6	results	result	NOUN
ftr-312	391	7	on	on	ADP
ftr-312	391	8	us	we	PRON
ftr-312	391	9	shareholders.80	shareholders.80	ADJ
ftr-312	391	10	registration	registration	NOUN
ftr-312	391	11	statements	statement	NOUN
ftr-312	391	12	for	for	ADP
ftr-312	391	13	non	non	ADJ
ftr-312	391	14	-	-	ADJ
ftr-312	391	15	us	us	ADV
ftr-312	391	16	-	-	PUNCT
ftr-312	391	17	parented	parent	VERB
ftr-312	391	18	mncs	mnc	NOUN
ftr-312	391	19	that	that	PRON
ftr-312	391	20	go	go	VERB
ftr-312	391	21	public	public	ADJ
ftr-312	391	22	typically	typically	ADV
ftr-312	391	23	disclose	disclose	VERB
ftr-312	391	24	the	the	DET
ftr-312	391	25	possibility	possibility	NOUN
ftr-312	391	26	of	of	ADP
ftr-312	391	27	pfic	pfic	NOUN
ftr-312	391	28	status,81	status,81	NOUN
ftr-312	391	29	and	and	CCONJ
ftr-312	391	30	pfic	pfic	NOUN
ftr-312	391	31	status	status	NOUN
ftr-312	391	32	presents	present	VERB
ftr-312	391	33	a	a	DET
ftr-312	391	34	concern	concern	NOUN
ftr-312	391	35	for	for	ADP
ftr-312	391	36	shareholders	shareholder	NOUN
ftr-312	391	37	of	of	ADP
ftr-312	391	38	private	private	ADJ
ftr-312	391	39	companies	company	NOUN
ftr-312	391	40	as	as	ADV
ftr-312	391	41	well	well	ADV
ftr-312	391	42	,	,	PUNCT
ftr-312	391	43	despite	despite	SCONJ
ftr-312	391	44	a	a	DET
ftr-312	391	45	limited	limited	ADJ
ftr-312	391	46	start	start	NOUN
ftr-312	391	47	-	-	PUNCT
ftr-312	391	48	up	up	ADP
ftr-312	391	49	company	company	NOUN
ftr-312	391	50	exception.82	exception.82	PROPN
ftr-312	391	51	b.	b.	PROPN
ftr-312	391	52	legal	legal	ADJ
ftr-312	391	53	benefits	benefit	NOUN
ftr-312	391	54	of	of	ADP
ftr-312	391	55	a	a	DET
ftr-312	391	56	us	us	PROPN
ftr-312	391	57	-	-	PUNCT
ftr-312	391	58	parent	parent	NOUN
ftr-312	391	59	structure	structure	NOUN
ftr-312	391	60	a	a	DET
ftr-312	391	61	us	us	PROPN
ftr-312	391	62	-	-	PUNCT
ftr-312	391	63	parent	parent	NOUN
ftr-312	391	64	structure	structure	NOUN
ftr-312	391	65	,	,	PUNCT
ftr-312	391	66	meanwhile	meanwhile	ADV
ftr-312	391	67	,	,	PUNCT
ftr-312	391	68	provides	provide	VERB
ftr-312	391	69	non	non	ADJ
ftr-312	391	70	-	-	ADJ
ftr-312	391	71	tax	tax	ADJ
ftr-312	391	72	legal	legal	ADJ
ftr-312	391	73	benefits	benefit	NOUN
ftr-312	391	74	.	.	PUNCT
ftr-312	392	1	us	we	PRON
ftr-312	392	2	incorporation	incorporation	NOUN
ftr-312	392	3	provides	provide	VERB
ftr-312	392	4	the	the	DET
ftr-312	392	5	benefit	benefit	NOUN
ftr-312	392	6	of	of	ADP
ftr-312	392	7	access	access	NOUN
ftr-312	392	8	to	to	ADP
ftr-312	392	9	delaware	delaware	PROPN
ftr-312	392	10	corporate	corporate	ADJ
ftr-312	392	11	governance	governance	NOUN
ftr-312	392	12	law	law	NOUN
ftr-312	392	13	,	,	PUNCT
ftr-312	392	14	for	for	ADP
ftr-312	392	15	example	example	NOUN
ftr-312	392	16	,	,	PUNCT
ftr-312	392	17	and	and	CCONJ
ftr-312	392	18	non	non	ADJ
ftr-312	392	19	-	-	ADJ
ftr-312	392	20	us	we	PRON
ftr-312	392	21	incorporation	incorporation	NOUN
ftr-312	392	22	does	do	AUX
ftr-312	392	23	not.83	not.83	ADV
ftr-312	392	24	startup	startup	NOUN
ftr-312	392	25	advisors	advisor	NOUN
ftr-312	392	26	also	also	ADV
ftr-312	392	27	perceive	perceive	VERB
ftr-312	392	28	an	an	DET
ftr-312	392	29	advantage	advantage	NOUN
ftr-312	392	30	to	to	ADP
ftr-312	392	31	us	we	PRON
ftr-312	392	32	incorporation	incorporation	NOUN
ftr-312	392	33	for	for	ADP
ftr-312	392	34	purposes	purpose	NOUN
ftr-312	392	35	of	of	ADP
ftr-312	392	36	the	the	DET
ftr-312	392	37	protection	protection	NOUN
ftr-312	392	38	of	of	ADP
ftr-312	392	39	intellectual	intellectual	ADJ
ftr-312	392	40	property	property	NOUN
ftr-312	392	41	and	and	CCONJ
ftr-312	392	42	other	other	ADJ
ftr-312	392	43	property	property	NOUN
ftr-312	392	44	rights	right	NOUN
ftr-312	392	45	.	.	PUNCT
ftr-312	393	1	the	the	DET
ftr-312	393	2	corporate	corporate	ADJ
ftr-312	393	3	governance	governance	NOUN
ftr-312	393	4	advantages	advantage	NOUN
ftr-312	393	5	of	of	ADP
ftr-312	393	6	us	we	PRON
ftr-312	393	7	incorporation	incorporation	NOUN
ftr-312	393	8	include	include	VERB
ftr-312	393	9	access	access	NOUN
ftr-312	393	10	to	to	ADP
ftr-312	393	11	relatively	relatively	ADV
ftr-312	393	12	investor	investor	NOUN
ftr-312	393	13	-	-	PUNCT
ftr-312	393	14	friendly	friendly	ADJ
ftr-312	393	15	and	and	CCONJ
ftr-312	393	16	highly	highly	ADV
ftr-312	393	17	reliable	reliable	ADJ
ftr-312	393	18	delaware	delaware	PROPN
ftr-312	393	19	or	or	CCONJ
ftr-312	393	20	other	other	ADJ
ftr-312	393	21	state	state	NOUN
ftr-312	393	22	corporate	corporate	ADJ
ftr-312	393	23	governance	governance	NOUN
ftr-312	393	24	law.84	law.84	ADP
ftr-312	393	25	the	the	DET
ftr-312	393	26	2011	2011	NUM
ftr-312	393	27	registration	registration	NOUN
ftr-312	393	28	statement	statement	NOUN
ftr-312	393	29	for	for	ADP
ftr-312	393	30	michael	michael	PROPN
ftr-312	393	31	kors	kor	NOUN
ftr-312	393	32	,	,	PUNCT
ftr-312	393	33	incorporated	incorporate	VERB
ftr-312	393	34	in	in	ADP
ftr-312	393	35	the	the	DET
ftr-312	393	36	british	british	PROPN
ftr-312	393	37	virgin	virgin	PROPN
ftr-312	393	38	islands	islands	PROPN
ftr-312	393	39	,	,	PUNCT
ftr-312	393	40	lists	list	VERB
ftr-312	393	41	risk	risk	NOUN
ftr-312	393	42	factors	factor	NOUN
ftr-312	393	43	related	relate	VERB
ftr-312	393	44	to	to	ADP
ftr-312	393	45	the	the	DET
ftr-312	393	46	difficulty	difficulty	NOUN
ftr-312	393	47	of	of	ADP
ftr-312	393	48	initiating	initiate	VERB
ftr-312	393	49	shareholder	shareholder	NOUN
ftr-312	393	50	derivative	derivative	ADJ
ftr-312	393	51	actions	action	NOUN
ftr-312	393	52	,	,	PUNCT
ftr-312	393	53	enforcing	enforce	VERB
ftr-312	393	54	79	79	NUM
ftr-312	393	55	.	.	PUNCT
ftr-312	394	1	see	see	VERB
ftr-312	394	2	i.r.c	i.r.c	NOUN
ftr-312	394	3	.	.	PUNCT
ftr-312	395	1	§	§	PROPN
ftr-312	395	2	1297	1297	NUM
ftr-312	395	3	.	.	PUNCT
ftr-312	395	4	80	80	NUM
ftr-312	395	5	.	.	PUNCT
ftr-312	396	1	these	these	DET
ftr-312	396	2	results	result	NOUN
ftr-312	396	3	include	include	VERB
ftr-312	396	4	the	the	DET
ftr-312	396	5	possible	possible	ADJ
ftr-312	396	6	imposition	imposition	NOUN
ftr-312	396	7	of	of	ADP
ftr-312	396	8	the	the	DET
ftr-312	396	9	maximum	maximum	ADJ
ftr-312	396	10	ordinary	ordinary	ADJ
ftr-312	396	11	income	income	NOUN
ftr-312	396	12	tax	tax	NOUN
ftr-312	396	13	rate	rate	NOUN
ftr-312	396	14	on	on	ADP
ftr-312	396	15	“	"	PUNCT
ftr-312	396	16	excess	excess	ADJ
ftr-312	396	17	distributions	distribution	NOUN
ftr-312	396	18	”	"	PUNCT
ftr-312	396	19	including	include	VERB
ftr-312	396	20	gain	gain	NOUN
ftr-312	396	21	on	on	ADP
ftr-312	396	22	sale	sale	NOUN
ftr-312	396	23	of	of	ADP
ftr-312	396	24	stock	stock	NOUN
ftr-312	396	25	,	,	PUNCT
ftr-312	396	26	together	together	ADV
ftr-312	396	27	with	with	ADP
ftr-312	396	28	an	an	DET
ftr-312	396	29	interest	interest	NOUN
ftr-312	396	30	charge	charge	NOUN
ftr-312	396	31	.	.	PUNCT
ftr-312	397	1	i.r.c	i.r.c	NOUN
ftr-312	397	2	.	.	PUNCT
ftr-312	398	1	§	§	PROPN
ftr-312	398	2	1291	1291	NUM
ftr-312	398	3	.	.	PUNCT
ftr-312	399	1	81	81	NUM
ftr-312	399	2	.	.	PUNCT
ftr-312	400	1	see	see	VERB
ftr-312	400	2	,	,	PUNCT
ftr-312	400	3	e.g.	e.g.	ADV
ftr-312	400	4	,	,	PUNCT
ftr-312	400	5	freescale	freescale	PROPN
ftr-312	400	6	semiconductor	semiconductor	NOUN
ftr-312	400	7	holdings	holding	NOUN
ftr-312	400	8	i	i	PROPN
ftr-312	400	9	,	,	PUNCT
ftr-312	400	10	ltd	ltd	PROPN
ftr-312	400	11	.	.	PROPN
ftr-312	400	12	,	,	PUNCT
ftr-312	400	13	registration	registration	NOUN
ftr-312	400	14	statement	statement	NOUN
ftr-312	400	15	(	(	PUNCT
ftr-312	400	16	form	form	NOUN
ftr-312	400	17	s-1a	s-1a	PROPN
ftr-312	400	18	)	)	PUNCT
ftr-312	400	19	179	179	NUM
ftr-312	400	20	(	(	PUNCT
ftr-312	400	21	may	may	PROPN
ftr-312	400	22	20	20	NUM
ftr-312	400	23	,	,	PUNCT
ftr-312	400	24	2011	2011	NUM
ftr-312	400	25	)	)	PUNCT
ftr-312	400	26	,	,	PUNCT
ftr-312	400	27	http://www.sec.gov/archives/	http://www.sec.gov/archives/	X
ftr-312	400	28	edgar	edgar	PROPN
ftr-312	400	29	/	/	SYM
ftr-312	400	30	data/1392522/000119312511146916	data/1392522/000119312511146916	NOUN
ftr-312	400	31	/	/	SYM
ftr-312	400	32	ds1a.htm	ds1a.htm	PROPN
ftr-312	400	33	;	;	PUNCT
ftr-312	400	34	michael	michael	PROPN
ftr-312	400	35	kors	kors	PROPN
ftr-312	400	36	holdings	holdings	PROPN
ftr-312	400	37	ltd	ltd	PROPN
ftr-312	400	38	.	.	PROPN
ftr-312	400	39	,	,	PUNCT
ftr-312	400	40	registration	registration	NOUN
ftr-312	400	41	statement	statement	NOUN
ftr-312	400	42	(	(	PUNCT
ftr-312	400	43	form	form	NOUN
ftr-312	400	44	f-1	f-1	NOUN
ftr-312	400	45	)	)	PUNCT
ftr-312	400	46	114	114	NUM
ftr-312	400	47	(	(	PUNCT
ftr-312	400	48	dec	dec	PROPN
ftr-312	400	49	.	.	PROPN
ftr-312	400	50	2	2	NUM
ftr-312	400	51	,	,	PUNCT
ftr-312	400	52	2011	2011	NUM
ftr-312	400	53	)	)	PUNCT
ftr-312	400	54	,	,	PUNCT
ftr-312	400	55	http://www.sec.gov/	http://www.sec.gov/	PROPN
ftr-312	400	56	archives	archive	NOUN
ftr-312	400	57	/	/	SYM
ftr-312	400	58	edgar	edgar	NOUN
ftr-312	400	59	/	/	SYM
ftr-312	400	60	data/1530721/000119312511328487	data/1530721/000119312511328487	NOUN
ftr-312	400	61	/	/	SYM
ftr-312	400	62	d232021df1.htm	d232021df1.htm	PROPN
ftr-312	400	63	.	.	PUNCT
ftr-312	401	1	see	see	VERB
ftr-312	401	2	also	also	ADV
ftr-312	401	3	aircastle	aircastle	PROPN
ftr-312	401	4	ltd	ltd	PROPN
ftr-312	401	5	.	.	PROPN
ftr-312	401	6	,	,	PUNCT
ftr-312	401	7	registration	registration	NOUN
ftr-312	401	8	statement	statement	NOUN
ftr-312	401	9	(	(	PUNCT
ftr-312	401	10	form	form	NOUN
ftr-312	401	11	s-1a	s-1a	PROPN
ftr-312	401	12	)	)	PUNCT
ftr-312	401	13	36	36	NUM
ftr-312	401	14	(	(	PUNCT
ftr-312	401	15	aug	aug	PROPN
ftr-312	401	16	.	.	PROPN
ftr-312	401	17	2	2	NUM
ftr-312	401	18	,	,	PUNCT
ftr-312	401	19	2006	2006	NUM
ftr-312	401	20	)	)	PUNCT
ftr-312	401	21	,	,	PUNCT
ftr-312	401	22	http://www.sec.gov/archives/edgar/data/1362988/000095013606006258/file1.htm	http://www.sec.gov/archives/edgar/data/1362988/000095013606006258/file1.htm	X
ftr-312	401	23	(	(	PUNCT
ftr-312	401	24	disclosing	disclose	VERB
ftr-312	401	25	that	that	SCONJ
ftr-312	401	26	the	the	DET
ftr-312	401	27	firm	firm	NOUN
ftr-312	401	28	expected	expect	VERB
ftr-312	401	29	to	to	PART
ftr-312	401	30	be	be	AUX
ftr-312	401	31	categorized	categorize	VERB
ftr-312	401	32	as	as	ADP
ftr-312	401	33	a	a	DET
ftr-312	401	34	pfic	pfic	NOUN
ftr-312	401	35	and	and	CCONJ
ftr-312	401	36	as	as	ADP
ftr-312	401	37	a	a	DET
ftr-312	401	38	cfc	cfc	NOUN
ftr-312	401	39	)	)	PUNCT
ftr-312	401	40	.	.	PUNCT
ftr-312	402	1	82	82	X
ftr-312	402	2	.	.	PUNCT
ftr-312	402	3	see	see	VERB
ftr-312	402	4	i.r.c	i.r.c	NOUN
ftr-312	402	5	.	.	PUNCT
ftr-312	403	1	§	§	PROPN
ftr-312	403	2	1298(b)(2	1298(b)(2	NUM
ftr-312	403	3	)	)	PUNCT
ftr-312	403	4	.	.	PUNCT
ftr-312	404	1	83	83	NUM
ftr-312	404	2	.	.	PUNCT
ftr-312	405	1	see	see	VERB
ftr-312	405	2	mitchell	mitchell	PROPN
ftr-312	405	3	a.	a.	PROPN
ftr-312	405	4	kane	kane	PROPN
ftr-312	405	5	&	&	CCONJ
ftr-312	405	6	edward	edward	PROPN
ftr-312	405	7	b.	b.	PROPN
ftr-312	405	8	rock	rock	PROPN
ftr-312	405	9	,	,	PUNCT
ftr-312	405	10	corporate	corporate	ADJ
ftr-312	405	11	taxation	taxation	NOUN
ftr-312	405	12	and	and	CCONJ
ftr-312	405	13	international	international	ADJ
ftr-312	405	14	charter	charter	NOUN
ftr-312	405	15	competition	competition	NOUN
ftr-312	405	16	,	,	PUNCT
ftr-312	405	17	106	106	NUM
ftr-312	405	18	mich	mich	PROPN
ftr-312	405	19	.	.	PUNCT
ftr-312	406	1	l.	l.	PROPN
ftr-312	406	2	rev	rev	PROPN
ftr-312	406	3	.	.	PROPN
ftr-312	406	4	1229	1229	NUM
ftr-312	406	5	,	,	PUNCT
ftr-312	406	6	1239–40	1239–40	NUM
ftr-312	406	7	(	(	PUNCT
ftr-312	406	8	2008	2008	NUM
ftr-312	406	9	)	)	PUNCT
ftr-312	406	10	(	(	PUNCT
ftr-312	406	11	contrasting	contrast	VERB
ftr-312	406	12	“	"	PUNCT
ftr-312	406	13	corporate	corporate	ADJ
ftr-312	406	14	surplus	surplus	NOUN
ftr-312	406	15	”	"	PUNCT
ftr-312	406	16	and	and	CCONJ
ftr-312	406	17	“	"	PUNCT
ftr-312	406	18	tax	tax	NOUN
ftr-312	406	19	surplus	surplus	NOUN
ftr-312	406	20	”	"	PUNCT
ftr-312	406	21	)	)	PUNCT
ftr-312	406	22	.	.	PUNCT
ftr-312	407	1	84	84	NUM
ftr-312	407	2	.	.	PUNCT
ftr-312	408	1	i	i	PRON
ftr-312	408	2	d.	d.	VERB
ftr-312	408	3	at	at	ADP
ftr-312	408	4	1255–58	1255–58	NUM
ftr-312	408	5	(	(	PUNCT
ftr-312	408	6	arguing	argue	VERB
ftr-312	408	7	that	that	SCONJ
ftr-312	408	8	the	the	DET
ftr-312	408	9	first	first	ADJ
ftr-312	408	10	-	-	PUNCT
ftr-312	408	11	best	good	ADJ
ftr-312	408	12	solution	solution	NOUN
ftr-312	408	13	to	to	ADP
ftr-312	408	14	the	the	DET
ftr-312	408	15	problem	problem	NOUN
ftr-312	408	16	of	of	ADP
ftr-312	408	17	corporate	corporate	ADJ
ftr-312	408	18	tax	tax	NOUN
ftr-312	408	19	consequences	consequence	NOUN
ftr-312	408	20	influencing	influence	VERB
ftr-312	408	21	corporate	corporate	ADJ
ftr-312	408	22	governance	governance	NOUN
ftr-312	408	23	choices	choice	NOUN
ftr-312	408	24	is	be	AUX
ftr-312	408	25	to	to	PART
ftr-312	408	26	segregate	segregate	VERB
ftr-312	408	27	them	they	PRON
ftr-312	408	28	so	so	SCONJ
ftr-312	408	29	that	that	SCONJ
ftr-312	408	30	tax	tax	NOUN
ftr-312	408	31	results	result	NOUN
ftr-312	408	32	follow	follow	VERB
ftr-312	408	33	from	from	ADP
ftr-312	408	34	a	a	DET
ftr-312	408	35	“	"	PUNCT
ftr-312	408	36	real	real	ADJ
ftr-312	408	37	seat	seat	NOUN
ftr-312	408	38	”	"	PUNCT
ftr-312	408	39	rule	rule	NOUN
ftr-312	408	40	while	while	SCONJ
ftr-312	408	41	corporate	corporate	ADJ
ftr-312	408	42	governance	governance	NOUN
ftr-312	408	43	results	result	NOUN
ftr-312	408	44	follow	follow	VERB
ftr-312	408	45	from	from	ADP
ftr-312	408	46	a	a	DET
ftr-312	408	47	“	"	PUNCT
ftr-312	408	48	place	place	NOUN
ftr-312	408	49	of	of	ADP
ftr-312	408	50	incorporation	incorporation	NOUN
ftr-312	408	51	”	"	PUNCT
ftr-312	408	52	rule	rule	NOUN
ftr-312	408	53	)	)	PUNCT
ftr-312	408	54	.	.	PUNCT
ftr-312	409	1	340	340	NUM
ftr-312	409	2	florida	florida	PROPN
ftr-312	409	3	tax	tax	NOUN
ftr-312	409	4	review	review	NOUN
ftr-312	409	5	[	[	X
ftr-312	409	6	vol	vol	NOUN
ftr-312	409	7	.	.	PUNCT
ftr-312	410	1	14:8	14:8	NUM
ftr-312	410	2	judgments	judgment	NOUN
ftr-312	410	3	against	against	ADP
ftr-312	410	4	officers	officer	NOUN
ftr-312	410	5	and	and	CCONJ
ftr-312	410	6	directors	director	NOUN
ftr-312	410	7	,	,	PUNCT
ftr-312	410	8	and	and	CCONJ
ftr-312	410	9	pursuing	pursue	VERB
ftr-312	410	10	minority	minority	NOUN
ftr-312	410	11	or	or	CCONJ
ftr-312	410	12	other	other	ADJ
ftr-312	410	13	shareholder	shareholder	NOUN
ftr-312	410	14	rights.85	rights.85	NOUN
ftr-312	410	15	related	relate	VERB
ftr-312	410	16	research	research	NOUN
ftr-312	410	17	that	that	PRON
ftr-312	410	18	investigates	investigate	VERB
ftr-312	410	19	companies	company	NOUN
ftr-312	410	20	that	that	SCONJ
ftr-312	410	21	cross	cross	NOUN
ftr-312	410	22	-	-	NOUN
ftr-312	410	23	list	list	NOUN
ftr-312	410	24	on	on	ADP
ftr-312	410	25	different	different	ADJ
ftr-312	410	26	securities	security	NOUN
ftr-312	410	27	markets	market	NOUN
ftr-312	410	28	indicates	indicate	VERB
ftr-312	410	29	that	that	SCONJ
ftr-312	410	30	cross	cross	ADJ
ftr-312	410	31	-	-	ADJ
ftr-312	410	32	listed	listed	ADJ
ftr-312	410	33	firms	firm	NOUN
ftr-312	410	34	trade	trade	VERB
ftr-312	410	35	at	at	ADP
ftr-312	410	36	a	a	DET
ftr-312	410	37	premium	premium	NOUN
ftr-312	410	38	because	because	SCONJ
ftr-312	410	39	their	their	PRON
ftr-312	410	40	willingness	willingness	NOUN
ftr-312	410	41	to	to	PART
ftr-312	410	42	comply	comply	VERB
ftr-312	410	43	with	with	ADP
ftr-312	410	44	stricter	strict	ADJ
ftr-312	410	45	accounting	accounting	NOUN
ftr-312	410	46	,	,	PUNCT
ftr-312	410	47	disclosure	disclosure	NOUN
ftr-312	410	48	,	,	PUNCT
ftr-312	410	49	and	and	CCONJ
ftr-312	410	50	other	other	ADJ
ftr-312	410	51	rules	rule	NOUN
ftr-312	410	52	serves	serve	VERB
ftr-312	410	53	as	as	ADP
ftr-312	410	54	a	a	DET
ftr-312	410	55	“	"	PUNCT
ftr-312	410	56	bonding	bonding	NOUN
ftr-312	410	57	”	"	PUNCT
ftr-312	410	58	signal	signal	NOUN
ftr-312	410	59	that	that	PRON
ftr-312	410	60	encourages	encourage	VERB
ftr-312	410	61	investors	investor	NOUN
ftr-312	410	62	to	to	ADP
ftr-312	410	63	invest.86	invest.86	NOUN
ftr-312	410	64	structures	structure	NOUN
ftr-312	410	65	subject	subject	ADJ
ftr-312	410	66	to	to	ADP
ftr-312	410	67	less	less	ADV
ftr-312	410	68	regulatory	regulatory	ADJ
ftr-312	410	69	oversight	oversight	NOUN
ftr-312	410	70	may	may	AUX
ftr-312	410	71	permit	permit	VERB
ftr-312	410	72	more	more	ADJ
ftr-312	410	73	rent	rent	NOUN
ftr-312	410	74	extraction	extraction	NOUN
ftr-312	410	75	by	by	ADP
ftr-312	410	76	corporate	corporate	ADJ
ftr-312	410	77	managers	manager	NOUN
ftr-312	410	78	,	,	PUNCT
ftr-312	410	79	particularly	particularly	ADV
ftr-312	410	80	in	in	ADP
ftr-312	410	81	widely	widely	ADV
ftr-312	410	82	held	hold	VERB
ftr-312	410	83	corporations;87	corporations;87	NOUN
ftr-312	410	84	or	or	CCONJ
ftr-312	410	85	make	make	VERB
ftr-312	410	86	transparent	transparent	ADJ
ftr-312	410	87	reporting	reporting	NOUN
ftr-312	410	88	of	of	ADP
ftr-312	410	89	earnings	earning	NOUN
ftr-312	410	90	more	more	ADJ
ftr-312	410	91	elusive.88	elusive.88	ADJ
ftr-312	410	92	even	even	ADV
ftr-312	410	93	if	if	SCONJ
ftr-312	410	94	non	non	ADJ
ftr-312	410	95	-	-	ADJ
ftr-312	410	96	us	we	PRON
ftr-312	410	97	incorporation	incorporation	NOUN
ftr-312	410	98	saves	save	VERB
ftr-312	410	99	corporate	corporate	ADJ
ftr-312	410	100	governance	governance	NOUN
ftr-312	410	101	costs	cost	NOUN
ftr-312	410	102	,	,	PUNCT
ftr-312	410	103	for	for	ADP
ftr-312	410	104	example	example	NOUN
ftr-312	410	105	by	by	ADP
ftr-312	410	106	reducing	reduce	VERB
ftr-312	410	107	compliance	compliance	NOUN
ftr-312	410	108	costs	cost	NOUN
ftr-312	410	109	produced	produce	VERB
ftr-312	410	110	by	by	ADP
ftr-312	410	111	sarbanes	sarbane	NOUN
ftr-312	410	112	-	-	PUNCT
ftr-312	410	113	oxley	oxley	PROPN
ftr-312	410	114	and	and	CCONJ
ftr-312	410	115	other	other	ADJ
ftr-312	410	116	us	us	PROPN
ftr-312	410	117	regulatory	regulatory	ADJ
ftr-312	410	118	requirements,89	requirements,89	ADJ
ftr-312	410	119	investors	investor	NOUN
ftr-312	410	120	may	may	AUX
ftr-312	410	121	experience	experience	VERB
ftr-312	410	122	the	the	DET
ftr-312	410	123	absence	absence	NOUN
ftr-312	410	124	of	of	ADP
ftr-312	410	125	tighter	tight	ADJ
ftr-312	410	126	corporate	corporate	ADJ
ftr-312	410	127	governance	governance	NOUN
ftr-312	410	128	regulation	regulation	NOUN
ftr-312	410	129	as	as	ADP
ftr-312	410	130	a	a	DET
ftr-312	410	131	net	net	ADJ
ftr-312	410	132	disadvantage	disadvantage	NOUN
ftr-312	410	133	.	.	PUNCT
ftr-312	411	1	informal	informal	ADJ
ftr-312	411	2	interview	interview	NOUN
ftr-312	411	3	results	result	NOUN
ftr-312	411	4	corroborate	corroborate	VERB
ftr-312	411	5	some	some	PRON
ftr-312	411	6	of	of	ADP
ftr-312	411	7	these	these	DET
ftr-312	411	8	corporate	corporate	ADJ
ftr-312	411	9	governance	governance	NOUN
ftr-312	411	10	concerns	concern	NOUN
ftr-312	411	11	with	with	ADP
ftr-312	411	12	non	non	ADJ
ftr-312	411	13	-	-	ADJ
ftr-312	411	14	us	us	PROPN
ftr-312	411	15	incorporation	incorporation	NOUN
ftr-312	411	16	.	.	PUNCT
ftr-312	412	1	one	one	NUM
ftr-312	412	2	lawyer	lawyer	NOUN
ftr-312	412	3	explained	explain	VERB
ftr-312	412	4	that	that	SCONJ
ftr-312	412	5	using	use	VERB
ftr-312	412	6	a	a	DET
ftr-312	412	7	delaware	delaware	PROPN
ftr-312	412	8	corporation	corporation	NOUN
ftr-312	412	9	ensured	ensure	VERB
ftr-312	412	10	that	that	SCONJ
ftr-312	412	11	an	an	DET
ftr-312	412	12	investor	investor	NOUN
ftr-312	412	13	would	would	AUX
ftr-312	412	14	be	be	AUX
ftr-312	412	15	protected	protect	VERB
ftr-312	412	16	under	under	ADP
ftr-312	412	17	us	us	PROPN
ftr-312	412	18	law	law	NOUN
ftr-312	412	19	,	,	PUNCT
ftr-312	412	20	for	for	ADP
ftr-312	412	21	example	example	NOUN
ftr-312	412	22	because	because	SCONJ
ftr-312	412	23	board	board	NOUN
ftr-312	412	24	and/or	and/or	CCONJ
ftr-312	412	25	shareholder	shareholder	NOUN
ftr-312	412	26	votes	vote	NOUN
ftr-312	412	27	would	would	AUX
ftr-312	412	28	be	be	AUX
ftr-312	412	29	required	require	VERB
ftr-312	412	30	for	for	ADP
ftr-312	412	31	certain	certain	ADJ
ftr-312	412	32	corporate	corporate	ADJ
ftr-312	412	33	actions	action	NOUN
ftr-312	412	34	and	and	CCONJ
ftr-312	412	35	because	because	SCONJ
ftr-312	412	36	investors	investor	NOUN
ftr-312	412	37	could	could	AUX
ftr-312	412	38	limit	limit	VERB
ftr-312	412	39	the	the	DET
ftr-312	412	40	amount	amount	NOUN
ftr-312	412	41	of	of	ADP
ftr-312	412	42	capital	capital	NOUN
ftr-312	412	43	exposed	expose	VERB
ftr-312	412	44	to	to	ADP
ftr-312	412	45	non	non	ADJ
ftr-312	412	46	-	-	ADJ
ftr-312	412	47	us	us	ADJ
ftr-312	412	48	law	law	NOUN
ftr-312	412	49	,	,	PUNCT
ftr-312	412	50	for	for	ADP
ftr-312	412	51	example	example	NOUN
ftr-312	412	52	through	through	ADP
ftr-312	412	53	contract	contract	NOUN
ftr-312	412	54	limitations	limitation	NOUN
ftr-312	412	55	on	on	ADP
ftr-312	412	56	how	how	SCONJ
ftr-312	412	57	much	much	ADJ
ftr-312	412	58	of	of	ADP
ftr-312	412	59	the	the	DET
ftr-312	412	60	investors	investor	NOUN
ftr-312	412	61	’	'	PUNCT
ftr-312	412	62	cash	cash	NOUN
ftr-312	412	63	could	could	AUX
ftr-312	412	64	be	be	AUX
ftr-312	412	65	transferred	transfer	VERB
ftr-312	412	66	to	to	ADP
ftr-312	412	67	a	a	DET
ftr-312	412	68	foreign	foreign	ADJ
ftr-312	412	69	subsidiary	subsidiary	NOUN
ftr-312	412	70	of	of	ADP
ftr-312	412	71	a	a	DET
ftr-312	412	72	us	us	PROPN
ftr-312	412	73	parent.90	parent.90	ADV
ftr-312	412	74	one	one	NUM
ftr-312	412	75	venture	venture	NOUN
ftr-312	412	76	capitalist	capitalist	NOUN
ftr-312	412	77	explained	explain	VERB
ftr-312	412	78	that	that	SCONJ
ftr-312	412	79	it	it	PRON
ftr-312	412	80	was	be	AUX
ftr-312	412	81	generally	generally	ADV
ftr-312	412	82	not	not	PART
ftr-312	412	83	advisable	advisable	ADJ
ftr-312	412	84	for	for	SCONJ
ftr-312	412	85	vcs	vcs	PROPN
ftr-312	412	86	to	to	PART
ftr-312	412	87	invest	invest	VERB
ftr-312	412	88	in	in	ADP
ftr-312	412	89	a	a	DET
ftr-312	412	90	firm	firm	NOUN
ftr-312	412	91	formed	form	VERB
ftr-312	412	92	outside	outside	ADP
ftr-312	412	93	the	the	DET
ftr-312	412	94	us	us	PROPN
ftr-312	412	95	,	,	PUNCT
ftr-312	412	96	because	because	SCONJ
ftr-312	412	97	of	of	ADP
ftr-312	412	98	the	the	DET
ftr-312	412	99	risk	risk	NOUN
ftr-312	412	100	that	that	SCONJ
ftr-312	412	101	non	non	ADJ
ftr-312	412	102	-	-	ADJ
ftr-312	412	103	us	we	PRON
ftr-312	412	104	governments	government	NOUN
ftr-312	412	105	might	might	AUX
ftr-312	412	106	take	take	VERB
ftr-312	412	107	over	over	ADP
ftr-312	412	108	a	a	DET
ftr-312	412	109	company	company	NOUN
ftr-312	412	110	85	85	NUM
ftr-312	412	111	.	.	PUNCT
ftr-312	413	1	see	see	VERB
ftr-312	413	2	michael	michael	PROPN
ftr-312	413	3	kors	kors	PROPN
ftr-312	413	4	holdings	holding	NOUN
ftr-312	413	5	limited	limit	VERB
ftr-312	413	6	,	,	PUNCT
ftr-312	413	7	registration	registration	NOUN
ftr-312	413	8	statement	statement	NOUN
ftr-312	413	9	(	(	PUNCT
ftr-312	413	10	form	form	NOUN
ftr-312	413	11	f-1	f-1	NOUN
ftr-312	413	12	)	)	PUNCT
ftr-312	413	13	25–26	25–26	NUM
ftr-312	413	14	(	(	PUNCT
ftr-312	413	15	dec	dec	PROPN
ftr-312	413	16	.	.	PROPN
ftr-312	413	17	2	2	NUM
ftr-312	413	18	,	,	PUNCT
ftr-312	413	19	2011	2011	NUM
ftr-312	413	20	)	)	PUNCT
ftr-312	413	21	,	,	PUNCT
ftr-312	413	22	http://www.sec.gov/archives/edgar/data/1530721/00011	http://www.sec.gov/archives/edgar/data/1530721/00011	VERB
ftr-312	413	23	9312511328487	9312511328487	NUM
ftr-312	413	24	/	/	SYM
ftr-312	413	25	d232021df1.htm	d232021df1.htm	PROPN
ftr-312	413	26	(	(	PUNCT
ftr-312	413	27	listing	list	VERB
ftr-312	413	28	risk	risk	NOUN
ftr-312	413	29	factors	factor	NOUN
ftr-312	413	30	related	relate	VERB
ftr-312	413	31	to	to	ADP
ftr-312	413	32	corporate	corporate	ADJ
ftr-312	413	33	governance	governance	NOUN
ftr-312	413	34	)	)	PUNCT
ftr-312	413	35	.	.	PUNCT
ftr-312	414	1	86	86	NUM
ftr-312	414	2	.	.	PUNCT
ftr-312	415	1	see	see	VERB
ftr-312	415	2	,	,	PUNCT
ftr-312	415	3	e.g.	e.g.	ADV
ftr-312	415	4	,	,	PUNCT
ftr-312	415	5	john	john	PROPN
ftr-312	415	6	c.	c.	PROPN
ftr-312	415	7	coffee	coffee	PROPN
ftr-312	415	8	jr	jr	PROPN
ftr-312	415	9	.	.	PROPN
ftr-312	415	10	,	,	PUNCT
ftr-312	415	11	racing	race	VERB
ftr-312	415	12	toward	toward	ADP
ftr-312	415	13	the	the	DET
ftr-312	415	14	top	top	NOUN
ftr-312	415	15	?	?	PUNCT
ftr-312	415	16	:	:	PUNCT
ftr-312	415	17	the	the	DET
ftr-312	415	18	impact	impact	NOUN
ftr-312	415	19	of	of	ADP
ftr-312	415	20	cross	cross	NOUN
ftr-312	415	21	-	-	NOUN
ftr-312	415	22	listings	listing	NOUN
ftr-312	415	23	and	and	CCONJ
ftr-312	415	24	stock	stock	NOUN
ftr-312	415	25	market	market	NOUN
ftr-312	415	26	competition	competition	NOUN
ftr-312	415	27	on	on	ADP
ftr-312	415	28	international	international	ADJ
ftr-312	415	29	corporate	corporate	ADJ
ftr-312	415	30	governance	governance	NOUN
ftr-312	415	31	,	,	PUNCT
ftr-312	415	32	102	102	NUM
ftr-312	415	33	colum	colum	NOUN
ftr-312	415	34	.	.	PUNCT
ftr-312	416	1	l.	l.	PROPN
ftr-312	416	2	rev	rev	PROPN
ftr-312	416	3	.	.	PROPN
ftr-312	416	4	1757	1757	NUM
ftr-312	416	5	(	(	PUNCT
ftr-312	416	6	2002	2002	NUM
ftr-312	416	7	)	)	PUNCT
ftr-312	416	8	.	.	PUNCT
ftr-312	417	1	87	87	NUM
ftr-312	417	2	.	.	PUNCT
ftr-312	418	1	see	see	VERB
ftr-312	418	2	mihir	mihir	PROPN
ftr-312	418	3	a.	a.	PROPN
ftr-312	418	4	desai	desai	PROPN
ftr-312	418	5	&	&	CCONJ
ftr-312	418	6	dhammika	dhammika	PROPN
ftr-312	418	7	dharmapala	dharmapala	PROPN
ftr-312	418	8	,	,	PUNCT
ftr-312	418	9	earnings	earning	NOUN
ftr-312	418	10	management	management	NOUN
ftr-312	418	11	,	,	PUNCT
ftr-312	418	12	corporate	corporate	ADJ
ftr-312	418	13	tax	tax	NOUN
ftr-312	418	14	shelters	shelter	NOUN
ftr-312	418	15	,	,	PUNCT
ftr-312	418	16	and	and	CCONJ
ftr-312	418	17	book	book	NOUN
ftr-312	418	18	-	-	PUNCT
ftr-312	418	19	tax	tax	NOUN
ftr-312	418	20	alignment	alignment	NOUN
ftr-312	418	21	,	,	PUNCT
ftr-312	418	22	62	62	NUM
ftr-312	418	23	nat’l	nat’l	NOUN
ftr-312	418	24	tax	tax	NOUN
ftr-312	418	25	j.	j.	PROPN
ftr-312	418	26	169	169	NUM
ftr-312	418	27	(	(	PUNCT
ftr-312	418	28	2009	2009	NUM
ftr-312	418	29	)	)	PUNCT
ftr-312	418	30	;	;	PUNCT
ftr-312	418	31	mihir	mihir	PROPN
ftr-312	418	32	a.	a.	PROPN
ftr-312	418	33	desai	desai	PROPN
ftr-312	418	34	&	&	CCONJ
ftr-312	418	35	dhammika	dhammika	PROPN
ftr-312	418	36	dharmapala	dharmapala	PROPN
ftr-312	418	37	,	,	PUNCT
ftr-312	418	38	corporate	corporate	ADJ
ftr-312	418	39	tax	tax	NOUN
ftr-312	418	40	avoidance	avoidance	NOUN
ftr-312	418	41	and	and	CCONJ
ftr-312	418	42	firm	firm	ADJ
ftr-312	418	43	value	value	NOUN
ftr-312	418	44	,	,	PUNCT
ftr-312	418	45	91	91	NUM
ftr-312	418	46	rev	rev	X
ftr-312	418	47	.	.	PROPN
ftr-312	418	48	econ	econ	PROPN
ftr-312	418	49	.	.	PUNCT
ftr-312	419	1	stat	stat	PROPN
ftr-312	419	2	.	.	PUNCT
ftr-312	420	1	537	537	NUM
ftr-312	420	2	(	(	PUNCT
ftr-312	420	3	2009	2009	NUM
ftr-312	420	4	)	)	PUNCT
ftr-312	420	5	(	(	PUNCT
ftr-312	420	6	finding	find	VERB
ftr-312	420	7	a	a	DET
ftr-312	420	8	correlation	correlation	NOUN
ftr-312	420	9	between	between	ADP
ftr-312	420	10	institutional	institutional	ADJ
ftr-312	420	11	ownership	ownership	NOUN
ftr-312	420	12	and	and	CCONJ
ftr-312	420	13	tax	tax	NOUN
ftr-312	420	14	avoidance	avoidance	NOUN
ftr-312	420	15	)	)	PUNCT
ftr-312	420	16	;	;	PUNCT
ftr-312	420	17	michelle	michelle	PROPN
ftr-312	420	18	hanlon	hanlon	PROPN
ftr-312	420	19	&	&	CCONJ
ftr-312	420	20	joel	joel	PROPN
ftr-312	420	21	slemrod	slemrod	PROPN
ftr-312	420	22	,	,	PUNCT
ftr-312	420	23	what	what	PRON
ftr-312	420	24	does	do	AUX
ftr-312	420	25	tax	tax	NOUN
ftr-312	420	26	aggressiveness	aggressiveness	NOUN
ftr-312	420	27	signal	signal	NOUN
ftr-312	420	28	?	?	PUNCT
ftr-312	421	1	evidence	evidence	NOUN
ftr-312	421	2	from	from	ADP
ftr-312	421	3	stock	stock	NOUN
ftr-312	421	4	price	price	NOUN
ftr-312	421	5	reactions	reaction	NOUN
ftr-312	421	6	to	to	ADP
ftr-312	421	7	news	news	NOUN
ftr-312	421	8	about	about	ADP
ftr-312	421	9	tax	tax	NOUN
ftr-312	421	10	shelter	shelter	NOUN
ftr-312	421	11	involvement	involvement	NOUN
ftr-312	421	12	,	,	PUNCT
ftr-312	421	13	93	93	NUM
ftr-312	421	14	j.	j.	PROPN
ftr-312	421	15	pub	pub	PROPN
ftr-312	421	16	.	.	PUNCT
ftr-312	422	1	econ	econ	PROPN
ftr-312	422	2	.	.	PUNCT
ftr-312	423	1	126	126	NUM
ftr-312	423	2	(	(	PUNCT
ftr-312	423	3	2009	2009	NUM
ftr-312	423	4	)	)	PUNCT
ftr-312	423	5	(	(	PUNCT
ftr-312	423	6	finding	find	VERB
ftr-312	423	7	smaller	small	ADJ
ftr-312	423	8	stock	stock	NOUN
ftr-312	423	9	price	price	NOUN
ftr-312	423	10	declines	decline	NOUN
ftr-312	423	11	for	for	ADP
ftr-312	423	12	firms	firm	NOUN
ftr-312	423	13	with	with	ADP
ftr-312	423	14	good	good	ADJ
ftr-312	423	15	governance	governance	NOUN
ftr-312	423	16	)	)	PUNCT
ftr-312	423	17	.	.	PUNCT
ftr-312	424	1	88	88	NUM
ftr-312	424	2	.	.	PUNCT
ftr-312	425	1	see	see	VERB
ftr-312	425	2	victor	victor	PROPN
ftr-312	425	3	fleischer	fleischer	PROPN
ftr-312	425	4	,	,	PUNCT
ftr-312	425	5	regulatory	regulatory	ADJ
ftr-312	425	6	arbitrage	arbitrage	NOUN
ftr-312	425	7	,	,	PUNCT
ftr-312	425	8	89	89	NUM
ftr-312	425	9	tex	tex	PROPN
ftr-312	425	10	.	.	PROPN
ftr-312	425	11	l.	l.	PROPN
ftr-312	425	12	rev	rev	PROPN
ftr-312	425	13	.	.	PROPN
ftr-312	425	14	227	227	NUM
ftr-312	425	15	,	,	PUNCT
ftr-312	425	16	263	263	NUM
ftr-312	425	17	–	–	PUNCT
ftr-312	425	18	64	64	NUM
ftr-312	425	19	(	(	PUNCT
ftr-312	425	20	2010	2010	NUM
ftr-312	425	21	)	)	PUNCT
ftr-312	425	22	(	(	PUNCT
ftr-312	425	23	discussing	discuss	VERB
ftr-312	425	24	“	"	PUNCT
ftr-312	425	25	opacity	opacity	NOUN
ftr-312	425	26	costs	cost	NOUN
ftr-312	425	27	”	"	PUNCT
ftr-312	425	28	)	)	PUNCT
ftr-312	425	29	.	.	PUNCT
ftr-312	426	1	89	89	NUM
ftr-312	426	2	.	.	PUNCT
ftr-312	426	3	see	see	VERB
ftr-312	426	4	kate	kate	PROPN
ftr-312	426	5	litvak	litvak	PROPN
ftr-312	426	6	,	,	PUNCT
ftr-312	426	7	the	the	DET
ftr-312	426	8	effect	effect	NOUN
ftr-312	426	9	of	of	ADP
ftr-312	426	10	the	the	DET
ftr-312	426	11	sarbanes	sarbanes	PROPN
ftr-312	426	12	-	-	PUNCT
ftr-312	426	13	oxley	oxley	ADJ
ftr-312	426	14	act	act	NOUN
ftr-312	426	15	on	on	ADP
ftr-312	426	16	non	non	ADJ
ftr-312	426	17	-	-	ADJ
ftr-312	426	18	u.s	u.s	PROPN
ftr-312	426	19	.	.	PROPN
ftr-312	426	20	companies	company	NOUN
ftr-312	426	21	cross	cross	VERB
ftr-312	426	22	-	-	VERB
ftr-312	426	23	listed	listed	ADJ
ftr-312	426	24	in	in	ADP
ftr-312	426	25	the	the	DET
ftr-312	426	26	u.s	u.s	PROPN
ftr-312	426	27	.	.	PROPN
ftr-312	426	28	,	,	PUNCT
ftr-312	426	29	13	13	NUM
ftr-312	426	30	j.	j.	PROPN
ftr-312	426	31	corp	corp	PROPN
ftr-312	426	32	.	.	PROPN
ftr-312	426	33	fin	fin	PROPN
ftr-312	426	34	.	.	PUNCT
ftr-312	427	1	195	195	NUM
ftr-312	427	2	(	(	PUNCT
ftr-312	427	3	2007	2007	NUM
ftr-312	427	4	)	)	PUNCT
ftr-312	427	5	.	.	PUNCT
ftr-312	428	1	90	90	NUM
ftr-312	428	2	.	.	PUNCT
ftr-312	429	1	telephone	telephone	NOUN
ftr-312	429	2	interview	interview	NOUN
ftr-312	429	3	with	with	ADP
ftr-312	429	4	silicon	silicon	NOUN
ftr-312	429	5	valley	valley	PROPN
ftr-312	429	6	law	law	PROPN
ftr-312	429	7	firm	firm	NOUN
ftr-312	429	8	partner	partner	NOUN
ftr-312	429	9	(	(	PUNCT
ftr-312	429	10	feb	feb	PROPN
ftr-312	429	11	.	.	PROPN
ftr-312	429	12	4	4	NUM
ftr-312	429	13	,	,	PUNCT
ftr-312	429	14	2013	2013	NUM
ftr-312	429	15	)	)	PUNCT
ftr-312	429	16	.	.	PUNCT
ftr-312	430	1	2013	2013	NUM
ftr-312	430	2	]	]	PUNCT
ftr-312	430	3	tax	tax	NOUN
ftr-312	430	4	planning	planning	NOUN
ftr-312	430	5	and	and	CCONJ
ftr-312	430	6	initial	initial	ADJ
ftr-312	430	7	incorporation	incorporation	NOUN
ftr-312	430	8	location	location	NOUN
ftr-312	430	9	341	341	NUM
ftr-312	430	10	or	or	CCONJ
ftr-312	430	11	otherwise	otherwise	ADV
ftr-312	430	12	unilaterally	unilaterally	ADV
ftr-312	430	13	reduce	reduce	VERB
ftr-312	430	14	the	the	DET
ftr-312	430	15	value	value	NOUN
ftr-312	430	16	of	of	ADP
ftr-312	430	17	an	an	DET
ftr-312	430	18	investment.91	investment.91	NOUN
ftr-312	430	19	another	another	DET
ftr-312	430	20	venture	venture	NOUN
ftr-312	430	21	capitalist	capitalist	NOUN
ftr-312	430	22	whose	whose	DET
ftr-312	430	23	firm	firm	NOUN
ftr-312	430	24	’s	’s	PART
ftr-312	430	25	portfolio	portfolio	NOUN
ftr-312	430	26	included	include	VERB
ftr-312	430	27	non	non	ADJ
ftr-312	430	28	-	-	ADJ
ftr-312	430	29	us	us	ADV
ftr-312	430	30	-	-	PUNCT
ftr-312	430	31	parented	parent	VERB
ftr-312	430	32	companies	company	NOUN
ftr-312	430	33	said	say	VERB
ftr-312	430	34	that	that	SCONJ
ftr-312	430	35	such	such	ADJ
ftr-312	430	36	non	non	ADJ
ftr-312	430	37	-	-	ADJ
ftr-312	430	38	us	we	PRON
ftr-312	430	39	investments	investment	NOUN
ftr-312	430	40	were	be	AUX
ftr-312	430	41	more	more	ADV
ftr-312	430	42	common	common	ADJ
ftr-312	430	43	in	in	ADP
ftr-312	430	44	a	a	DET
ftr-312	430	45	transaction	transaction	NOUN
ftr-312	430	46	in	in	ADP
ftr-312	430	47	which	which	PRON
ftr-312	430	48	the	the	DET
ftr-312	430	49	investment	investment	NOUN
ftr-312	430	50	firms	firm	NOUN
ftr-312	430	51	owned	own	VERB
ftr-312	430	52	a	a	DET
ftr-312	430	53	controlling	control	VERB
ftr-312	430	54	interest	interest	NOUN
ftr-312	430	55	in	in	ADP
ftr-312	430	56	the	the	DET
ftr-312	430	57	portfolio	portfolio	NOUN
ftr-312	430	58	company	company	NOUN
ftr-312	430	59	,	,	PUNCT
ftr-312	430	60	in	in	ADP
ftr-312	430	61	which	which	DET
ftr-312	430	62	case	case	NOUN
ftr-312	430	63	corporate	corporate	ADJ
ftr-312	430	64	governance	governance	NOUN
ftr-312	430	65	concerns	concern	NOUN
ftr-312	430	66	might	might	AUX
ftr-312	430	67	have	have	VERB
ftr-312	430	68	less	less	ADJ
ftr-312	430	69	importance.92	importance.92	NOUN
ftr-312	430	70	the	the	DET
ftr-312	430	71	importance	importance	NOUN
ftr-312	430	72	of	of	ADP
ftr-312	430	73	corporate	corporate	ADJ
ftr-312	430	74	governance	governance	NOUN
ftr-312	430	75	is	be	AUX
ftr-312	430	76	also	also	ADV
ftr-312	430	77	suggested	suggest	VERB
ftr-312	430	78	by	by	ADP
ftr-312	430	79	the	the	DET
ftr-312	430	80	exceptions	exception	NOUN
ftr-312	430	81	to	to	ADP
ftr-312	430	82	the	the	DET
ftr-312	430	83	rule	rule	NOUN
ftr-312	430	84	of	of	ADP
ftr-312	430	85	us	we	PRON
ftr-312	430	86	incorporation	incorporation	NOUN
ftr-312	430	87	for	for	ADP
ftr-312	430	88	us	we	PRON
ftr-312	430	89	-	-	PUNCT
ftr-312	430	90	based	base	VERB
ftr-312	430	91	startups	startup	NOUN
ftr-312	430	92	.	.	PUNCT
ftr-312	431	1	one	one	NUM
ftr-312	431	2	lawyer	lawyer	NOUN
ftr-312	431	3	explained	explain	VERB
ftr-312	431	4	that	that	SCONJ
ftr-312	431	5	a	a	DET
ftr-312	431	6	startup	startup	NOUN
ftr-312	431	7	with	with	ADP
ftr-312	431	8	an	an	DET
ftr-312	431	9	israeli	israeli	ADJ
ftr-312	431	10	or	or	CCONJ
ftr-312	431	11	uk	uk	PROPN
ftr-312	431	12	parent	parent	NOUN
ftr-312	431	13	would	would	AUX
ftr-312	431	14	often	often	ADV
ftr-312	431	15	keep	keep	VERB
ftr-312	431	16	its	its	PRON
ftr-312	431	17	offshore	offshore	ADJ
ftr-312	431	18	parent	parent	NOUN
ftr-312	431	19	instead	instead	ADV
ftr-312	431	20	of	of	ADP
ftr-312	431	21	migrating	migrate	VERB
ftr-312	431	22	to	to	ADP
ftr-312	431	23	a	a	DET
ftr-312	431	24	us	us	ADV
ftr-312	431	25	-	-	PUNCT
ftr-312	431	26	parented	parent	VERB
ftr-312	431	27	structure	structure	NOUN
ftr-312	431	28	when	when	SCONJ
ftr-312	431	29	entering	enter	VERB
ftr-312	431	30	the	the	DET
ftr-312	431	31	us	us	PROPN
ftr-312	431	32	market.93	market.93	NOUN
ftr-312	431	33	one	one	NUM
ftr-312	431	34	venture	venture	NOUN
ftr-312	431	35	capitalist	capitalist	NOUN
ftr-312	431	36	cited	cite	VERB
ftr-312	431	37	europe	europe	PROPN
ftr-312	431	38	as	as	ADP
ftr-312	431	39	an	an	DET
ftr-312	431	40	exception	exception	NOUN
ftr-312	431	41	to	to	ADP
ftr-312	431	42	the	the	DET
ftr-312	431	43	rule	rule	NOUN
ftr-312	431	44	of	of	ADP
ftr-312	431	45	the	the	DET
ftr-312	431	46	strong	strong	ADJ
ftr-312	431	47	preference	preference	NOUN
ftr-312	431	48	for	for	ADP
ftr-312	431	49	delaware	delaware	PROPN
ftr-312	431	50	incorporation	incorporation	NOUN
ftr-312	431	51	because	because	SCONJ
ftr-312	431	52	of	of	ADP
ftr-312	431	53	a	a	DET
ftr-312	431	54	higher	high	ADJ
ftr-312	431	55	level	level	NOUN
ftr-312	431	56	of	of	ADP
ftr-312	431	57	comfort	comfort	NOUN
ftr-312	431	58	with	with	ADP
ftr-312	431	59	european	european	PROPN
ftr-312	431	60	law.94	law.94	PROPN
ftr-312	431	61	property	property	NOUN
ftr-312	431	62	protection	protection	NOUN
ftr-312	431	63	may	may	AUX
ftr-312	431	64	provide	provide	VERB
ftr-312	431	65	another	another	DET
ftr-312	431	66	reason	reason	NOUN
ftr-312	431	67	to	to	PART
ftr-312	431	68	choose	choose	VERB
ftr-312	431	69	a	a	DET
ftr-312	431	70	usparented	usparented	ADJ
ftr-312	431	71	structure	structure	NOUN
ftr-312	431	72	for	for	ADP
ftr-312	431	73	a	a	DET
ftr-312	431	74	startup.95	startup.95	NOUN
ftr-312	431	75	one	one	NUM
ftr-312	431	76	lawyer	lawyer	NOUN
ftr-312	431	77	said	say	VERB
ftr-312	431	78	flatly	flatly	ADV
ftr-312	431	79	with	with	ADP
ftr-312	431	80	respect	respect	NOUN
ftr-312	431	81	to	to	ADP
ftr-312	431	82	ip	ip	NOUN
ftr-312	431	83	development	development	NOUN
ftr-312	431	84	,	,	PUNCT
ftr-312	431	85	“	"	PUNCT
ftr-312	431	86	i	i	PRON
ftr-312	431	87	want	want	VERB
ftr-312	431	88	them	they	PRON
ftr-312	431	89	to	to	PART
ftr-312	431	90	do	do	VERB
ftr-312	431	91	it	it	PRON
ftr-312	431	92	in	in	ADP
ftr-312	431	93	the	the	DET
ftr-312	431	94	us	us	PROPN
ftr-312	431	95	,	,	PUNCT
ftr-312	431	96	to	to	PART
ftr-312	431	97	be	be	AUX
ftr-312	431	98	honest	honest	ADJ
ftr-312	431	99	.	.	PUNCT
ftr-312	431	100	”	"	PUNCT
ftr-312	432	1	but	but	CCONJ
ftr-312	432	2	this	this	DET
ftr-312	432	3	preference	preference	NOUN
ftr-312	432	4	had	have	VERB
ftr-312	432	5	more	more	ADJ
ftr-312	432	6	nuance	nuance	NOUN
ftr-312	432	7	.	.	PUNCT
ftr-312	433	1	the	the	DET
ftr-312	433	2	lawyer	lawyer	NOUN
ftr-312	433	3	had	have	VERB
ftr-312	433	4	discomfort	discomfort	NOUN
ftr-312	433	5	with	with	ADP
ftr-312	433	6	the	the	DET
ftr-312	433	7	idea	idea	NOUN
ftr-312	433	8	of	of	ADP
ftr-312	433	9	a	a	DET
ftr-312	433	10	development	development	NOUN
ftr-312	433	11	team	team	NOUN
ftr-312	433	12	or	or	CCONJ
ftr-312	433	13	ip	ip	PRON
ftr-312	433	14	ownership	ownership	NOUN
ftr-312	433	15	in	in	ADP
ftr-312	433	16	india	india	PROPN
ftr-312	433	17	or	or	CCONJ
ftr-312	433	18	china	china	PROPN
ftr-312	433	19	,	,	PUNCT
ftr-312	433	20	but	but	CCONJ
ftr-312	433	21	accepted	accept	VERB
ftr-312	433	22	the	the	DET
ftr-312	433	23	idea	idea	NOUN
ftr-312	433	24	that	that	SCONJ
ftr-312	433	25	ip	ip	NOUN
ftr-312	433	26	might	might	AUX
ftr-312	433	27	be	be	AUX
ftr-312	433	28	developed	develop	VERB
ftr-312	433	29	or	or	CCONJ
ftr-312	433	30	owned	own	VERB
ftr-312	433	31	in	in	ADP
ftr-312	433	32	switzerland.96	switzerland.96	PROPN
ftr-312	433	33	another	another	DET
ftr-312	433	34	lawyer	lawyer	NOUN
ftr-312	433	35	emphasized	emphasize	VERB
ftr-312	433	36	a	a	DET
ftr-312	433	37	remedies	remedy	NOUN
ftr-312	433	38	advantage	advantage	NOUN
ftr-312	433	39	of	of	ADP
ftr-312	433	40	us	us	PROPN
ftr-312	433	41	court	court	NOUN
ftr-312	433	42	jurisdiction	jurisdiction	NOUN
ftr-312	433	43	over	over	ADP
ftr-312	433	44	delaware	delaware	PROPN
ftr-312	433	45	corporations	corporation	NOUN
ftr-312	433	46	,	,	PUNCT
ftr-312	433	47	which	which	PRON
ftr-312	433	48	the	the	DET
ftr-312	433	49	lawyer	lawyer	NOUN
ftr-312	433	50	said	say	VERB
ftr-312	433	51	ensured	ensure	VERB
ftr-312	433	52	the	the	DET
ftr-312	433	53	ability	ability	NOUN
ftr-312	433	54	to	to	PART
ftr-312	433	55	sue	sue	VERB
ftr-312	433	56	and	and	CCONJ
ftr-312	433	57	recover	recover	VERB
ftr-312	433	58	damages	damage	NOUN
ftr-312	433	59	if	if	SCONJ
ftr-312	433	60	successful	successful	ADJ
ftr-312	433	61	in	in	ADP
ftr-312	433	62	the	the	DET
ftr-312	433	63	event	event	NOUN
ftr-312	433	64	of	of	ADP
ftr-312	433	65	a	a	DET
ftr-312	433	66	controversy.97	controversy.97	NOUN
ftr-312	433	67	this	this	DET
ftr-312	433	68	focus	focus	NOUN
ftr-312	433	69	on	on	ADP
ftr-312	433	70	local	local	ADJ
ftr-312	433	71	91	91	NUM
ftr-312	433	72	.	.	PUNCT
ftr-312	434	1	telephone	telephone	NOUN
ftr-312	434	2	interview	interview	NOUN
ftr-312	434	3	with	with	ADP
ftr-312	434	4	silicon	silicon	PROPN
ftr-312	434	5	valley	valley	PROPN
ftr-312	434	6	venture	venture	PROPN
ftr-312	434	7	fund	fund	PROPN
ftr-312	434	8	partner	partner	NOUN
ftr-312	434	9	(	(	PUNCT
ftr-312	434	10	feb	feb	PROPN
ftr-312	434	11	.	.	PROPN
ftr-312	434	12	8	8	NUM
ftr-312	434	13	,	,	PUNCT
ftr-312	434	14	2013	2013	NUM
ftr-312	434	15	)	)	PUNCT
ftr-312	434	16	.	.	PUNCT
ftr-312	435	1	92	92	NUM
ftr-312	435	2	.	.	PUNCT
ftr-312	436	1	telephone	telephone	NOUN
ftr-312	436	2	interview	interview	NOUN
ftr-312	436	3	with	with	ADP
ftr-312	436	4	silicon	silicon	PROPN
ftr-312	436	5	valley	valley	PROPN
ftr-312	436	6	venture	venture	PROPN
ftr-312	436	7	/	/	SYM
ftr-312	436	8	private	private	ADJ
ftr-312	436	9	equity	equity	NOUN
ftr-312	436	10	fund	fund	PROPN
ftr-312	436	11	partner	partner	NOUN
ftr-312	436	12	(	(	PUNCT
ftr-312	436	13	feb	feb	PROPN
ftr-312	436	14	.	.	PROPN
ftr-312	436	15	22	22	NUM
ftr-312	436	16	,	,	PUNCT
ftr-312	436	17	2013	2013	NUM
ftr-312	436	18	)	)	PUNCT
ftr-312	436	19	.	.	PUNCT
ftr-312	437	1	93	93	NUM
ftr-312	437	2	.	.	PUNCT
ftr-312	438	1	telephone	telephone	NOUN
ftr-312	438	2	interview	interview	NOUN
ftr-312	438	3	with	with	ADP
ftr-312	438	4	silicon	silicon	NOUN
ftr-312	438	5	valley	valley	PROPN
ftr-312	438	6	law	law	PROPN
ftr-312	438	7	firm	firm	NOUN
ftr-312	438	8	partner	partner	NOUN
ftr-312	438	9	(	(	PUNCT
ftr-312	438	10	feb	feb	PROPN
ftr-312	438	11	.	.	PROPN
ftr-312	438	12	27	27	NUM
ftr-312	438	13	,	,	PUNCT
ftr-312	438	14	2013	2013	NUM
ftr-312	438	15	)	)	PUNCT
ftr-312	438	16	.	.	PUNCT
ftr-312	439	1	other	other	ADJ
ftr-312	439	2	lawyers	lawyer	NOUN
ftr-312	439	3	also	also	ADV
ftr-312	439	4	mentioned	mention	VERB
ftr-312	439	5	an	an	DET
ftr-312	439	6	exception	exception	NOUN
ftr-312	439	7	for	for	ADP
ftr-312	439	8	israeli	israeli	ADJ
ftr-312	439	9	firms	firm	NOUN
ftr-312	439	10	.	.	PUNCT
ftr-312	440	1	see	see	VERB
ftr-312	440	2	,	,	PUNCT
ftr-312	440	3	e.g.	e.g.	ADV
ftr-312	440	4	,	,	PUNCT
ftr-312	440	5	telephone	telephone	NOUN
ftr-312	440	6	interview	interview	NOUN
ftr-312	440	7	with	with	ADP
ftr-312	440	8	san	san	PROPN
ftr-312	440	9	francisco	francisco	PROPN
ftr-312	440	10	law	law	NOUN
ftr-312	440	11	firm	firm	NOUN
ftr-312	440	12	partner	partner	NOUN
ftr-312	440	13	(	(	PUNCT
ftr-312	440	14	jan	jan	PROPN
ftr-312	440	15	.	.	PROPN
ftr-312	440	16	28	28	NUM
ftr-312	440	17	,	,	PUNCT
ftr-312	440	18	2013	2013	NUM
ftr-312	440	19	)	)	PUNCT
ftr-312	440	20	.	.	PUNCT
ftr-312	441	1	94	94	X
ftr-312	441	2	.	.	PUNCT
ftr-312	442	1	telephone	telephone	NOUN
ftr-312	442	2	interview	interview	NOUN
ftr-312	442	3	with	with	ADP
ftr-312	442	4	silicon	silicon	PROPN
ftr-312	442	5	valley	valley	PROPN
ftr-312	442	6	venture	venture	PROPN
ftr-312	442	7	fund	fund	PROPN
ftr-312	442	8	partner	partner	NOUN
ftr-312	442	9	(	(	PUNCT
ftr-312	442	10	feb	feb	PROPN
ftr-312	442	11	.	.	PROPN
ftr-312	442	12	8	8	NUM
ftr-312	442	13	,	,	PUNCT
ftr-312	442	14	2013	2013	NUM
ftr-312	442	15	)	)	PUNCT
ftr-312	442	16	.	.	PUNCT
ftr-312	443	1	95	95	NUM
ftr-312	443	2	.	.	PUNCT
ftr-312	444	1	formal	formal	ADJ
ftr-312	444	2	legal	legal	ADJ
ftr-312	444	3	rules	rule	NOUN
ftr-312	444	4	generally	generally	ADV
ftr-312	444	5	do	do	AUX
ftr-312	444	6	not	not	PART
ftr-312	444	7	sanction	sanction	VERB
ftr-312	444	8	different	different	ADJ
ftr-312	444	9	ip	ip	DET
ftr-312	444	10	protection	protection	NOUN
ftr-312	444	11	by	by	ADP
ftr-312	444	12	one	one	NUM
ftr-312	444	13	country	country	NOUN
ftr-312	444	14	if	if	SCONJ
ftr-312	444	15	the	the	DET
ftr-312	444	16	ip	ip	NOUN
ftr-312	444	17	is	be	AUX
ftr-312	444	18	held	hold	VERB
ftr-312	444	19	by	by	ADP
ftr-312	444	20	a	a	DET
ftr-312	444	21	firm	firm	NOUN
ftr-312	444	22	incorporated	incorporate	VERB
ftr-312	444	23	in	in	ADP
ftr-312	444	24	a	a	DET
ftr-312	444	25	different	different	ADJ
ftr-312	444	26	country	country	NOUN
ftr-312	444	27	.	.	PUNCT
ftr-312	445	1	international	international	ADJ
ftr-312	445	2	intellectual	intellectual	ADJ
ftr-312	445	3	property	property	NOUN
ftr-312	445	4	conventions	convention	NOUN
ftr-312	445	5	include	include	VERB
ftr-312	445	6	anti	anti	ADJ
ftr-312	445	7	-	-	ADJ
ftr-312	445	8	discrimination	discrimination	ADJ
ftr-312	445	9	requirements	requirement	NOUN
ftr-312	445	10	.	.	PUNCT
ftr-312	446	1	see	see	VERB
ftr-312	446	2	robert	robert	PROPN
ftr-312	446	3	p.	p.	PROPN
ftr-312	446	4	merges	merges	PROPN
ftr-312	446	5	,	,	PUNCT
ftr-312	446	6	pete	pete	PROPN
ftr-312	446	7	s.	s.	PROPN
ftr-312	446	8	menell	menell	PROPN
ftr-312	446	9	&	&	CCONJ
ftr-312	446	10	mark	mark	PROPN
ftr-312	446	11	a.	a.	PROPN
ftr-312	446	12	lemley	lemley	PROPN
ftr-312	446	13	,	,	PUNCT
ftr-312	446	14	intellectual	intellectual	ADJ
ftr-312	446	15	property	property	NOUN
ftr-312	446	16	in	in	ADP
ftr-312	446	17	the	the	DET
ftr-312	446	18	new	new	ADJ
ftr-312	446	19	technological	technological	ADJ
ftr-312	446	20	age	age	NOUN
ftr-312	446	21	55	55	NUM
ftr-312	446	22	(	(	PUNCT
ftr-312	446	23	6th	6th	ADJ
ftr-312	446	24	ed	ed	NOUN
ftr-312	446	25	.	.	PROPN
ftr-312	446	26	2012	2012	NUM
ftr-312	446	27	)	)	PUNCT
ftr-312	446	28	.	.	PUNCT
ftr-312	447	1	nevertheless	nevertheless	ADV
ftr-312	447	2	,	,	PUNCT
ftr-312	447	3	the	the	DET
ftr-312	447	4	prospect	prospect	NOUN
ftr-312	447	5	of	of	ADP
ftr-312	447	6	defending	defend	VERB
ftr-312	447	7	intellectual	intellectual	ADJ
ftr-312	447	8	property	property	NOUN
ftr-312	447	9	rights	right	NOUN
ftr-312	447	10	in	in	ADP
ftr-312	447	11	a	a	DET
ftr-312	447	12	jurisdiction	jurisdiction	NOUN
ftr-312	447	13	other	other	ADJ
ftr-312	447	14	than	than	ADP
ftr-312	447	15	the	the	DET
ftr-312	447	16	jurisdiction	jurisdiction	NOUN
ftr-312	447	17	of	of	ADP
ftr-312	447	18	incorporation	incorporation	NOUN
ftr-312	447	19	may	may	AUX
ftr-312	447	20	increase	increase	VERB
ftr-312	447	21	uncertainty	uncertainty	NOUN
ftr-312	447	22	for	for	ADP
ftr-312	447	23	reasons	reason	NOUN
ftr-312	447	24	including	include	VERB
ftr-312	447	25	concern	concern	NOUN
ftr-312	447	26	about	about	ADP
ftr-312	447	27	de	de	X
ftr-312	447	28	facto	facto	X
ftr-312	447	29	differences	difference	NOUN
ftr-312	447	30	in	in	ADP
ftr-312	447	31	the	the	DET
ftr-312	447	32	application	application	NOUN
ftr-312	447	33	of	of	ADP
ftr-312	447	34	the	the	DET
ftr-312	447	35	law	law	NOUN
ftr-312	447	36	.	.	PUNCT
ftr-312	448	1	see	see	VERB
ftr-312	448	2	,	,	PUNCT
ftr-312	448	3	e.g.	e.g.	ADV
ftr-312	448	4	,	,	PUNCT
ftr-312	448	5	rama	rama	PROPN
ftr-312	448	6	lakshmi	lakshmi	PROPN
ftr-312	448	7	,	,	PUNCT
ftr-312	448	8	india	india	PROPN
ftr-312	448	9	rejects	reject	VERB
ftr-312	448	10	novartis	novartis	PROPN
ftr-312	448	11	drug	drug	PROPN
ftr-312	448	12	patent	patent	NOUN
ftr-312	448	13	,	,	PUNCT
ftr-312	448	14	wash	wash	NOUN
ftr-312	448	15	.	.	PUNCT
ftr-312	449	1	post	post	NOUN
ftr-312	449	2	,	,	PUNCT
ftr-312	449	3	apr	apr	PROPN
ftr-312	449	4	.	.	PROPN
ftr-312	449	5	1	1	NUM
ftr-312	449	6	,	,	PUNCT
ftr-312	449	7	2013	2013	NUM
ftr-312	449	8	,	,	PUNCT
ftr-312	449	9	http://www.washingtonpost.com/world/asia-pacific	http://www.washingtonpost.com/world/asia-pacific	PROPN
ftr-312	449	10	(	(	PUNCT
ftr-312	449	11	reporting	report	VERB
ftr-312	449	12	on	on	ADP
ftr-312	449	13	indian	indian	PROPN
ftr-312	449	14	supreme	supreme	PROPN
ftr-312	449	15	court	court	PROPN
ftr-312	449	16	case	case	NOUN
ftr-312	449	17	denying	deny	VERB
ftr-312	449	18	protection	protection	NOUN
ftr-312	449	19	for	for	ADP
ftr-312	449	20	an	an	DET
ftr-312	449	21	improved	improved	ADJ
ftr-312	449	22	form	form	NOUN
ftr-312	449	23	of	of	ADP
ftr-312	449	24	a	a	DET
ftr-312	449	25	pre	pre	ADJ
ftr-312	449	26	-	-	ADJ
ftr-312	449	27	existing	exist	VERB
ftr-312	449	28	compound	compound	NOUN
ftr-312	449	29	and	and	CCONJ
ftr-312	449	30	suggesting	suggest	VERB
ftr-312	449	31	that	that	SCONJ
ftr-312	449	32	the	the	DET
ftr-312	449	33	case	case	NOUN
ftr-312	449	34	might	might	AUX
ftr-312	449	35	discourage	discourage	VERB
ftr-312	449	36	foreign	foreign	ADJ
ftr-312	449	37	pharma	pharma	NOUN
ftr-312	449	38	investment	investment	NOUN
ftr-312	449	39	in	in	ADP
ftr-312	449	40	india	india	PROPN
ftr-312	449	41	)	)	PUNCT
ftr-312	449	42	.	.	PUNCT
ftr-312	450	1	96	96	NUM
ftr-312	450	2	.	.	PUNCT
ftr-312	451	1	telephone	telephone	NOUN
ftr-312	451	2	interview	interview	NOUN
ftr-312	451	3	,	,	PUNCT
ftr-312	451	4	san	san	PROPN
ftr-312	451	5	francisco	francisco	PROPN
ftr-312	451	6	law	law	NOUN
ftr-312	451	7	firm	firm	NOUN
ftr-312	451	8	partner	partner	NOUN
ftr-312	451	9	(	(	PUNCT
ftr-312	451	10	feb	feb	PROPN
ftr-312	451	11	.	.	PROPN
ftr-312	451	12	16	16	NUM
ftr-312	451	13	,	,	PUNCT
ftr-312	451	14	2013	2013	NUM
ftr-312	451	15	)	)	PUNCT
ftr-312	451	16	.	.	PUNCT
ftr-312	452	1	97	97	NUM
ftr-312	452	2	.	.	PUNCT
ftr-312	452	3	telephone	telephone	NOUN
ftr-312	452	4	interview	interview	NOUN
ftr-312	452	5	,	,	PUNCT
ftr-312	452	6	silicon	silicon	NOUN
ftr-312	452	7	valley	valley	PROPN
ftr-312	452	8	law	law	PROPN
ftr-312	452	9	firm	firm	NOUN
ftr-312	452	10	partner	partner	NOUN
ftr-312	452	11	(	(	PUNCT
ftr-312	452	12	feb	feb	PROPN
ftr-312	452	13	.	.	PROPN
ftr-312	452	14	4	4	NUM
ftr-312	452	15	,	,	PUNCT
ftr-312	452	16	2013	2013	NUM
ftr-312	452	17	)	)	PUNCT
ftr-312	452	18	.	.	PUNCT
ftr-312	453	1	342	342	NUM
ftr-312	453	2	florida	florida	PROPN
ftr-312	453	3	tax	tax	NOUN
ftr-312	453	4	review	review	NOUN
ftr-312	453	5	[	[	X
ftr-312	453	6	vol	vol	NOUN
ftr-312	453	7	.	.	PUNCT
ftr-312	454	1	14:8	14:8	NUM
ftr-312	454	2	presence	presence	NOUN
ftr-312	454	3	appears	appear	VERB
ftr-312	454	4	to	to	PART
ftr-312	454	5	derive	derive	VERB
ftr-312	454	6	in	in	ADP
ftr-312	454	7	part	part	NOUN
ftr-312	454	8	from	from	ADP
ftr-312	454	9	legal	legal	ADJ
ftr-312	454	10	realism	realism	NOUN
ftr-312	454	11	concerns	concern	NOUN
ftr-312	454	12	.	.	PUNCT
ftr-312	455	1	an	an	DET
ftr-312	455	2	investor	investor	NOUN
ftr-312	455	3	with	with	ADP
ftr-312	455	4	an	an	DET
ftr-312	455	5	office	office	NOUN
ftr-312	455	6	in	in	ADP
ftr-312	455	7	india	india	PROPN
ftr-312	455	8	,	,	PUNCT
ftr-312	455	9	for	for	ADP
ftr-312	455	10	example	example	NOUN
ftr-312	455	11	,	,	PUNCT
ftr-312	455	12	may	may	AUX
ftr-312	455	13	have	have	VERB
ftr-312	455	14	higher	high	ADJ
ftr-312	455	15	confidence	confidence	NOUN
ftr-312	455	16	as	as	ADP
ftr-312	455	17	a	a	DET
ftr-312	455	18	practical	practical	ADJ
ftr-312	455	19	matter	matter	NOUN
ftr-312	455	20	about	about	ADP
ftr-312	455	21	its	its	PRON
ftr-312	455	22	ability	ability	NOUN
ftr-312	455	23	to	to	PART
ftr-312	455	24	get	get	VERB
ftr-312	455	25	a	a	DET
ftr-312	455	26	hearing	hearing	NOUN
ftr-312	455	27	and	and	CCONJ
ftr-312	455	28	a	a	DET
ftr-312	455	29	remedy	remedy	NOUN
ftr-312	455	30	in	in	ADP
ftr-312	455	31	indian	indian	ADJ
ftr-312	455	32	court.98	court.98	PROPN
ftr-312	455	33	c.	c.	PROPN
ftr-312	455	34	liquidity	liquidity	NOUN
ftr-312	455	35	and	and	CCONJ
ftr-312	455	36	other	other	ADJ
ftr-312	455	37	resource	resource	NOUN
ftr-312	455	38	constraints	constraint	NOUN
ftr-312	455	39	as	as	SCONJ
ftr-312	455	40	prior	prior	ADJ
ftr-312	455	41	literature	literature	PROPN
ftr-312	455	42	observes	observe	VERB
ftr-312	455	43	,	,	PUNCT
ftr-312	455	44	business	business	NOUN
ftr-312	455	45	frictions	friction	NOUN
ftr-312	455	46	can	can	AUX
ftr-312	455	47	interfere	interfere	VERB
ftr-312	455	48	with	with	ADP
ftr-312	455	49	taxmotivated	taxmotivated	ADJ
ftr-312	455	50	planning.99	planning.99	NOUN
ftr-312	455	51	even	even	ADV
ftr-312	455	52	if	if	SCONJ
ftr-312	455	53	a	a	DET
ftr-312	455	54	structure	structure	NOUN
ftr-312	455	55	with	with	ADP
ftr-312	455	56	a	a	DET
ftr-312	455	57	parent	parent	NOUN
ftr-312	455	58	in	in	ADP
ftr-312	455	59	a	a	DET
ftr-312	455	60	low	low	ADJ
ftr-312	455	61	-	-	PUNCT
ftr-312	455	62	tax	tax	NOUN
ftr-312	455	63	jurisdiction	jurisdiction	NOUN
ftr-312	455	64	offered	offer	VERB
ftr-312	455	65	tax	tax	NOUN
ftr-312	455	66	advantages	advantage	NOUN
ftr-312	455	67	that	that	PRON
ftr-312	455	68	clearly	clearly	ADV
ftr-312	455	69	outweighed	outweigh	VERB
ftr-312	455	70	corporate	corporate	ADJ
ftr-312	455	71	governance	governance	NOUN
ftr-312	455	72	and	and	CCONJ
ftr-312	455	73	other	other	ADJ
ftr-312	455	74	legal	legal	ADJ
ftr-312	455	75	disadvantages	disadvantage	NOUN
ftr-312	455	76	,	,	PUNCT
ftr-312	455	77	certain	certain	ADJ
ftr-312	455	78	business	business	NOUN
ftr-312	455	79	frictions	friction	NOUN
ftr-312	455	80	,	,	PUNCT
ftr-312	455	81	primarily	primarily	ADV
ftr-312	455	82	liquidity	liquidity	NOUN
ftr-312	455	83	and	and	CCONJ
ftr-312	455	84	other	other	ADJ
ftr-312	455	85	resource	resource	NOUN
ftr-312	455	86	constraints	constraint	NOUN
ftr-312	455	87	,	,	PUNCT
ftr-312	455	88	would	would	AUX
ftr-312	455	89	likely	likely	ADV
ftr-312	455	90	prompt	prompt	VERB
ftr-312	455	91	many	many	ADJ
ftr-312	455	92	startups	startup	NOUN
ftr-312	455	93	to	to	PART
ftr-312	455	94	continue	continue	VERB
ftr-312	455	95	to	to	PART
ftr-312	455	96	choose	choose	VERB
ftr-312	455	97	delaware	delaware	PROPN
ftr-312	455	98	incorporation	incorporation	NOUN
ftr-312	455	99	.	.	PUNCT
ftr-312	456	1	liquidity	liquidity	NOUN
ftr-312	456	2	constraints	constraint	NOUN
ftr-312	456	3	partly	partly	ADV
ftr-312	456	4	explain	explain	VERB
ftr-312	456	5	the	the	DET
ftr-312	456	6	premium	premium	NOUN
ftr-312	456	7	placed	place	VERB
ftr-312	456	8	on	on	ADP
ftr-312	456	9	simplicity	simplicity	NOUN
ftr-312	456	10	in	in	ADP
ftr-312	456	11	the	the	DET
ftr-312	456	12	default	default	NOUN
ftr-312	456	13	startup	startup	NOUN
ftr-312	456	14	structure	structure	NOUN
ftr-312	456	15	.	.	PUNCT
ftr-312	457	1	declining	decline	VERB
ftr-312	457	2	to	to	PART
ftr-312	457	3	search	search	VERB
ftr-312	457	4	for	for	ADP
ftr-312	457	5	an	an	DET
ftr-312	457	6	optimal	optimal	ADJ
ftr-312	457	7	organizational	organizational	ADJ
ftr-312	457	8	structure	structure	NOUN
ftr-312	457	9	and	and	CCONJ
ftr-312	457	10	instead	instead	ADV
ftr-312	457	11	accepting	accept	VERB
ftr-312	457	12	the	the	DET
ftr-312	457	13	“	"	PUNCT
ftr-312	457	14	satisfactory	satisfactory	ADJ
ftr-312	457	15	solutio[n	solutio[n	NOUN
ftr-312	457	16	]	]	PUNCT
ftr-312	457	17	”	"	PUNCT
ftr-312	457	18	provided	provide	VERB
ftr-312	457	19	by	by	ADP
ftr-312	457	20	the	the	DET
ftr-312	457	21	dominant	dominant	PROPN
ftr-312	457	22	heuristic	heuristic	NOUN
ftr-312	457	23	of	of	ADP
ftr-312	457	24	delaware	delaware	PROPN
ftr-312	457	25	incorporation	incorporation	NOUN
ftr-312	457	26	also	also	ADV
ftr-312	457	27	saves	save	VERB
ftr-312	457	28	non	non	ADJ
ftr-312	457	29	-	-	ADJ
ftr-312	457	30	cash	cash	ADJ
ftr-312	457	31	resources.100	resources.100	NOUN
ftr-312	457	32	other	other	ADJ
ftr-312	457	33	work	work	NOUN
ftr-312	457	34	has	have	AUX
ftr-312	457	35	noted	note	VERB
ftr-312	457	36	the	the	DET
ftr-312	457	37	importance	importance	NOUN
ftr-312	457	38	of	of	ADP
ftr-312	457	39	cash	cash	NOUN
ftr-312	457	40	conservation	conservation	NOUN
ftr-312	457	41	and	and	CCONJ
ftr-312	457	42	the	the	DET
ftr-312	457	43	up	up	ADJ
ftr-312	457	44	-	-	PUNCT
ftr-312	457	45	front	front	NOUN
ftr-312	457	46	and	and	CCONJ
ftr-312	457	47	ongoing	ongoing	ADJ
ftr-312	457	48	expense	expense	NOUN
ftr-312	457	49	of	of	ADP
ftr-312	457	50	nonstandard	nonstandard	ADJ
ftr-312	457	51	structures	structure	NOUN
ftr-312	457	52	for	for	ADP
ftr-312	457	53	startup	startup	NOUN
ftr-312	457	54	firms.101	firms.101	INTJ
ftr-312	457	55	interview	interview	NOUN
ftr-312	457	56	evidence	evidence	NOUN
ftr-312	457	57	also	also	ADV
ftr-312	457	58	supports	support	VERB
ftr-312	457	59	the	the	DET
ftr-312	457	60	conclusion	conclusion	NOUN
ftr-312	457	61	that	that	SCONJ
ftr-312	457	62	many	many	ADJ
ftr-312	457	63	startups	startup	NOUN
ftr-312	457	64	have	have	AUX
ftr-312	457	65	severe	severe	ADJ
ftr-312	457	66	liquidity	liquidity	NOUN
ftr-312	457	67	constraints	constraint	NOUN
ftr-312	457	68	.	.	PUNCT
ftr-312	458	1	one	one	NUM
ftr-312	458	2	entrepreneur	entrepreneur	NOUN
ftr-312	458	3	admitted	admit	VERB
ftr-312	458	4	that	that	SCONJ
ftr-312	458	5	he	he	PRON
ftr-312	458	6	and	and	CCONJ
ftr-312	458	7	his	his	PRON
ftr-312	458	8	cofounder	cofounder	NOUN
ftr-312	458	9	were	be	AUX
ftr-312	458	10	“	"	PUNCT
ftr-312	458	11	very	very	ADV
ftr-312	458	12	cheap	cheap	ADJ
ftr-312	458	13	”	"	PUNCT
ftr-312	458	14	and	and	CCONJ
ftr-312	458	15	simply	simply	ADV
ftr-312	458	16	“	"	PUNCT
ftr-312	458	17	never	never	ADV
ftr-312	458	18	brought	bring	VERB
ftr-312	458	19	in	in	ADP
ftr-312	458	20	outside	outside	ADP
ftr-312	458	21	legal	legal	ADJ
ftr-312	458	22	counsel	counsel	NOUN
ftr-312	458	23	”	"	PUNCT
ftr-312	458	24	until	until	SCONJ
ftr-312	458	25	financing.102	financing.102	PRON
ftr-312	458	26	another	another	PRON
ftr-312	458	27	explained	explain	VERB
ftr-312	458	28	that	that	SCONJ
ftr-312	458	29	“	"	PUNCT
ftr-312	458	30	you	you	PRON
ftr-312	458	31	want	want	VERB
ftr-312	458	32	to	to	PART
ftr-312	458	33	defer	defer	VERB
ftr-312	458	34	expense	expense	NOUN
ftr-312	458	35	as	as	ADV
ftr-312	458	36	far	far	ADV
ftr-312	458	37	as	as	ADP
ftr-312	458	38	possible	possible	ADJ
ftr-312	458	39	.	.	PUNCT
ftr-312	458	40	”103	”103	PUNCT
ftr-312	459	1	one	one	NUM
ftr-312	459	2	lawyer	lawyer	NOUN
ftr-312	459	3	reported	report	VERB
ftr-312	459	4	that	that	SCONJ
ftr-312	459	5	startups	startup	NOUN
ftr-312	459	6	often	often	ADV
ftr-312	459	7	had	have	VERB
ftr-312	459	8	98	98	NUM
ftr-312	459	9	.	.	PUNCT
ftr-312	460	1	telephone	telephone	NOUN
ftr-312	460	2	interview	interview	NOUN
ftr-312	460	3	,	,	PUNCT
ftr-312	460	4	silicon	silicon	NOUN
ftr-312	460	5	valley	valley	PROPN
ftr-312	460	6	law	law	PROPN
ftr-312	460	7	firm	firm	NOUN
ftr-312	460	8	partner	partner	NOUN
ftr-312	460	9	(	(	PUNCT
ftr-312	460	10	feb	feb	PROPN
ftr-312	460	11	.	.	PROPN
ftr-312	460	12	4	4	NUM
ftr-312	460	13	,	,	PUNCT
ftr-312	460	14	2013	2013	NUM
ftr-312	460	15	)	)	PUNCT
ftr-312	460	16	.	.	PUNCT
ftr-312	461	1	99	99	NUM
ftr-312	461	2	.	.	PUNCT
ftr-312	461	3	see	see	VERB
ftr-312	461	4	generally	generally	ADV
ftr-312	461	5	david	david	PROPN
ftr-312	461	6	m.	m.	PROPN
ftr-312	461	7	schizer	schizer	PROPN
ftr-312	461	8	,	,	PUNCT
ftr-312	461	9	frictions	friction	NOUN
ftr-312	461	10	as	as	ADP
ftr-312	461	11	a	a	DET
ftr-312	461	12	constraint	constraint	NOUN
ftr-312	461	13	on	on	ADP
ftr-312	461	14	tax	tax	NOUN
ftr-312	461	15	planning	planning	NOUN
ftr-312	461	16	,	,	PUNCT
ftr-312	461	17	101	101	NUM
ftr-312	461	18	colum	colum	NOUN
ftr-312	461	19	.	.	PUNCT
ftr-312	462	1	l.	l.	PROPN
ftr-312	462	2	rev	rev	PROPN
ftr-312	462	3	.	.	PROPN
ftr-312	462	4	1312	1312	NUM
ftr-312	462	5	,	,	PUNCT
ftr-312	462	6	1323–35	1323–35	NUM
ftr-312	462	7	(	(	PUNCT
ftr-312	462	8	2001	2001	NUM
ftr-312	462	9	)	)	PUNCT
ftr-312	462	10	(	(	PUNCT
ftr-312	462	11	evaluating	evaluate	VERB
ftr-312	462	12	impact	impact	NOUN
ftr-312	462	13	of	of	ADP
ftr-312	462	14	behavioral	behavioral	ADJ
ftr-312	462	15	distortions	distortion	NOUN
ftr-312	462	16	on	on	ADP
ftr-312	462	17	tax	tax	NOUN
ftr-312	462	18	planning	planning	NOUN
ftr-312	462	19	choices	choice	NOUN
ftr-312	462	20	)	)	PUNCT
ftr-312	462	21	;	;	PUNCT
ftr-312	462	22	david	david	PROPN
ftr-312	462	23	a.	a.	PROPN
ftr-312	462	24	weisbach	weisbach	PROPN
ftr-312	462	25	,	,	PUNCT
ftr-312	462	26	line	line	NOUN
ftr-312	462	27	drawing	drawing	NOUN
ftr-312	462	28	,	,	PUNCT
ftr-312	462	29	doctrine	doctrine	NOUN
ftr-312	462	30	,	,	PUNCT
ftr-312	462	31	and	and	CCONJ
ftr-312	462	32	efficiency	efficiency	NOUN
ftr-312	462	33	in	in	ADP
ftr-312	462	34	the	the	DET
ftr-312	462	35	tax	tax	NOUN
ftr-312	462	36	law	law	NOUN
ftr-312	462	37	,	,	PUNCT
ftr-312	462	38	84	84	NUM
ftr-312	462	39	cornell	cornell	PROPN
ftr-312	462	40	l.	l.	PROPN
ftr-312	462	41	rev	rev	PROPN
ftr-312	462	42	.	.	PROPN
ftr-312	462	43	1627	1627	NUM
ftr-312	462	44	,	,	PUNCT
ftr-312	462	45	1665–68	1665–68	NUM
ftr-312	462	46	(	(	PUNCT
ftr-312	462	47	1999	1999	NUM
ftr-312	462	48	)	)	PUNCT
ftr-312	462	49	(	(	PUNCT
ftr-312	462	50	same	same	ADJ
ftr-312	462	51	)	)	PUNCT
ftr-312	462	52	.	.	PUNCT
ftr-312	463	1	100	100	NUM
ftr-312	463	2	.	.	PUNCT
ftr-312	463	3	herbert	herbert	PROPN
ftr-312	463	4	a.	a.	PROPN
ftr-312	463	5	simon	simon	PROPN
ftr-312	463	6	,	,	PUNCT
ftr-312	463	7	rational	rational	ADJ
ftr-312	463	8	decision	decision	NOUN
ftr-312	463	9	making	making	NOUN
ftr-312	463	10	in	in	ADP
ftr-312	463	11	business	business	NOUN
ftr-312	463	12	organizations	organization	NOUN
ftr-312	463	13	,	,	PUNCT
ftr-312	463	14	69	69	NUM
ftr-312	463	15	am	am	NOUN
ftr-312	463	16	.	.	PUNCT
ftr-312	464	1	econ	econ	PROPN
ftr-312	464	2	.	.	PUNCT
ftr-312	465	1	rev	rev	PROPN
ftr-312	465	2	.	.	PROPN
ftr-312	465	3	493	493	NUM
ftr-312	465	4	,	,	PUNCT
ftr-312	465	5	498	498	NUM
ftr-312	465	6	(	(	PUNCT
ftr-312	465	7	1979	1979	NUM
ftr-312	465	8	)	)	PUNCT
ftr-312	465	9	.	.	PUNCT
ftr-312	466	1	see	see	VERB
ftr-312	466	2	generally	generally	ADV
ftr-312	466	3	daniel	daniel	PROPN
ftr-312	466	4	kahneman	kahneman	PROPN
ftr-312	466	5	,	,	PUNCT
ftr-312	466	6	thinking	think	VERB
ftr-312	466	7	fast	fast	ADV
ftr-312	466	8	and	and	CCONJ
ftr-312	466	9	slow	slow	ADJ
ftr-312	466	10	(	(	PUNCT
ftr-312	466	11	2011	2011	NUM
ftr-312	466	12	)	)	PUNCT
ftr-312	466	13	(	(	PUNCT
ftr-312	466	14	distinguishing	distinguish	VERB
ftr-312	466	15	between	between	ADP
ftr-312	466	16	automatic	automatic	ADJ
ftr-312	466	17	and	and	CCONJ
ftr-312	466	18	heuristics	heuristic	NOUN
ftr-312	466	19	-	-	PUNCT
ftr-312	466	20	based	base	VERB
ftr-312	466	21	“	"	PUNCT
ftr-312	466	22	system	system	NOUN
ftr-312	466	23	1	1	NUM
ftr-312	466	24	”	"	PUNCT
ftr-312	466	25	decisions	decision	NOUN
ftr-312	466	26	and	and	CCONJ
ftr-312	466	27	energy	energy	NOUN
ftr-312	466	28	-	-	PUNCT
ftr-312	466	29	demanding	demand	VERB
ftr-312	466	30	“	"	PUNCT
ftr-312	466	31	system	system	NOUN
ftr-312	466	32	2	2	NUM
ftr-312	466	33	”	"	PUNCT
ftr-312	466	34	decisions	decision	NOUN
ftr-312	466	35	)	)	PUNCT
ftr-312	466	36	.	.	PUNCT
ftr-312	467	1	101	101	NUM
ftr-312	467	2	.	.	PUNCT
ftr-312	468	1	see	see	VERB
ftr-312	468	2	,	,	PUNCT
ftr-312	468	3	e.g.	e.g.	ADV
ftr-312	468	4	,	,	PUNCT
ftr-312	468	5	bankman	bankman	NOUN
ftr-312	468	6	,	,	PUNCT
ftr-312	468	7	the	the	DET
ftr-312	468	8	structure	structure	NOUN
ftr-312	468	9	of	of	ADP
ftr-312	468	10	silicon	silicon	PROPN
ftr-312	468	11	valley	valley	PROPN
ftr-312	468	12	start	start	NOUN
ftr-312	468	13	-	-	PUNCT
ftr-312	468	14	ups	up	NOUN
ftr-312	468	15	,	,	PUNCT
ftr-312	468	16	supra	supra	PROPN
ftr-312	468	17	note	note	NOUN
ftr-312	468	18	4	4	NUM
ftr-312	468	19	,	,	PUNCT
ftr-312	468	20	at	at	ADP
ftr-312	468	21	1749–50	1749–50	NOUN
ftr-312	468	22	(	(	PUNCT
ftr-312	468	23	noting	note	VERB
ftr-312	468	24	the	the	DET
ftr-312	468	25	often	often	ADV
ftr-312	468	26	-	-	PUNCT
ftr-312	468	27	mentioned	mention	VERB
ftr-312	468	28	reason	reason	NOUN
ftr-312	468	29	for	for	ADP
ftr-312	468	30	incorporation	incorporation	NOUN
ftr-312	468	31	of	of	ADP
ftr-312	468	32	minimizing	minimize	VERB
ftr-312	468	33	legal	legal	ADJ
ftr-312	468	34	and	and	CCONJ
ftr-312	468	35	organizational	organizational	ADJ
ftr-312	468	36	costs	cost	NOUN
ftr-312	468	37	)	)	PUNCT
ftr-312	468	38	.	.	PUNCT
ftr-312	469	1	planning	plan	VERB
ftr-312	469	2	related	relate	VERB
ftr-312	469	3	to	to	ADP
ftr-312	469	4	non	non	ADJ
ftr-312	469	5	-	-	ADJ
ftr-312	469	6	us	us	ADJ
ftr-312	469	7	income	income	NOUN
ftr-312	469	8	may	may	AUX
ftr-312	469	9	account	account	VERB
ftr-312	469	10	for	for	ADP
ftr-312	469	11	a	a	DET
ftr-312	469	12	substantial	substantial	ADJ
ftr-312	469	13	part	part	NOUN
ftr-312	469	14	of	of	ADP
ftr-312	469	15	the	the	DET
ftr-312	469	16	total	total	ADJ
ftr-312	469	17	cost	cost	NOUN
ftr-312	469	18	of	of	ADP
ftr-312	469	19	us	us	PROPN
ftr-312	469	20	-	-	PUNCT
ftr-312	469	21	parented	parent	VERB
ftr-312	469	22	firms	firm	NOUN
ftr-312	469	23	’	’	PART
ftr-312	469	24	tax	tax	NOUN
ftr-312	469	25	compliance	compliance	NOUN
ftr-312	469	26	.	.	PUNCT
ftr-312	470	1	see	see	VERB
ftr-312	470	2	marsha	marsha	PROPN
ftr-312	470	3	blumenthal	blumenthal	PROPN
ftr-312	470	4	&	&	CCONJ
ftr-312	470	5	joel	joel	PROPN
ftr-312	470	6	b.	b.	PROPN
ftr-312	470	7	slemrod	slemrod	PROPN
ftr-312	470	8	,	,	PUNCT
ftr-312	470	9	the	the	DET
ftr-312	470	10	compliance	compliance	NOUN
ftr-312	470	11	cost	cost	NOUN
ftr-312	470	12	of	of	ADP
ftr-312	470	13	taxing	tax	VERB
ftr-312	470	14	foreign	foreign	ADJ
ftr-312	470	15	-	-	PUNCT
ftr-312	470	16	source	source	NOUN
ftr-312	470	17	income	income	NOUN
ftr-312	470	18	:	:	PUNCT
ftr-312	470	19	its	its	PRON
ftr-312	470	20	magnitude	magnitude	NOUN
ftr-312	470	21	,	,	PUNCT
ftr-312	470	22	determinants	determinant	NOUN
ftr-312	470	23	,	,	PUNCT
ftr-312	470	24	and	and	CCONJ
ftr-312	470	25	policy	policy	NOUN
ftr-312	470	26	implications	implication	NOUN
ftr-312	470	27	,	,	PUNCT
ftr-312	470	28	2	2	NUM
ftr-312	470	29	int’l	int’l	NUM
ftr-312	470	30	tax	tax	NOUN
ftr-312	470	31	&	&	CCONJ
ftr-312	470	32	pub	pub	NOUN
ftr-312	470	33	.	.	PUNCT
ftr-312	471	1	fin	fin	NOUN
ftr-312	471	2	.	.	PUNCT
ftr-312	472	1	37	37	NUM
ftr-312	472	2	(	(	PUNCT
ftr-312	472	3	1995	1995	NUM
ftr-312	472	4	)	)	PUNCT
ftr-312	472	5	.	.	PUNCT
ftr-312	473	1	102	102	NUM
ftr-312	473	2	.	.	PUNCT
ftr-312	474	1	telephone	telephone	NOUN
ftr-312	474	2	interview	interview	NOUN
ftr-312	474	3	with	with	ADP
ftr-312	474	4	silicon	silicon	PROPN
ftr-312	474	5	valley	valley	PROPN
ftr-312	474	6	entrepreneur	entrepreneur	NOUN
ftr-312	474	7	(	(	PUNCT
ftr-312	474	8	jan	jan	PROPN
ftr-312	474	9	.	.	PROPN
ftr-312	474	10	30	30	NUM
ftr-312	474	11	,	,	PUNCT
ftr-312	474	12	2013	2013	NUM
ftr-312	474	13	)	)	PUNCT
ftr-312	474	14	.	.	PUNCT
ftr-312	475	1	103	103	NUM
ftr-312	475	2	.	.	PUNCT
ftr-312	476	1	telephone	telephone	NOUN
ftr-312	476	2	interview	interview	NOUN
ftr-312	476	3	with	with	ADP
ftr-312	476	4	silicon	silicon	PROPN
ftr-312	476	5	valley	valley	PROPN
ftr-312	476	6	entrepreneur	entrepreneur	NOUN
ftr-312	476	7	(	(	PUNCT
ftr-312	476	8	feb	feb	PROPN
ftr-312	476	9	.	.	PROPN
ftr-312	476	10	11	11	NUM
ftr-312	476	11	,	,	PUNCT
ftr-312	476	12	2013	2013	NUM
ftr-312	476	13	)	)	PUNCT
ftr-312	476	14	.	.	PUNCT
ftr-312	477	1	2013	2013	NUM
ftr-312	477	2	]	]	PUNCT
ftr-312	477	3	tax	tax	NOUN
ftr-312	477	4	planning	planning	NOUN
ftr-312	477	5	and	and	CCONJ
ftr-312	477	6	initial	initial	ADJ
ftr-312	477	7	incorporation	incorporation	NOUN
ftr-312	477	8	location	location	NOUN
ftr-312	477	9	343	343	NUM
ftr-312	477	10	difficulty	difficulty	NOUN
ftr-312	477	11	meeting	meeting	NOUN
ftr-312	477	12	costs	cost	NOUN
ftr-312	477	13	in	in	ADP
ftr-312	477	14	the	the	DET
ftr-312	477	15	thousand	thousand	NUM
ftr-312	477	16	-	-	PUNCT
ftr-312	477	17	dollar	dollar	NOUN
ftr-312	477	18	range	range	NOUN
ftr-312	477	19	prior	prior	ADV
ftr-312	477	20	to	to	ADP
ftr-312	477	21	venture	venture	NOUN
ftr-312	477	22	investment	investment	NOUN
ftr-312	477	23	.	.	PUNCT
ftr-312	478	1	a	a	DET
ftr-312	478	2	good	good	ADJ
ftr-312	478	3	startup	startup	NOUN
ftr-312	478	4	attorney	attorney	NOUN
ftr-312	478	5	,	,	PUNCT
ftr-312	478	6	he	he	PRON
ftr-312	478	7	said	say	VERB
ftr-312	478	8	,	,	PUNCT
ftr-312	478	9	“	"	PUNCT
ftr-312	478	10	understands	understand	VERB
ftr-312	478	11	the	the	DET
ftr-312	478	12	need	need	NOUN
ftr-312	478	13	to	to	PART
ftr-312	478	14	conserve	conserve	VERB
ftr-312	478	15	cash	cash	NOUN
ftr-312	478	16	.	.	PUNCT
ftr-312	479	1	”104	”104	NOUN
ftr-312	480	1	one	one	NUM
ftr-312	480	2	venture	venture	NOUN
ftr-312	480	3	capitalist	capitalist	NOUN
ftr-312	480	4	could	could	AUX
ftr-312	480	5	not	not	PART
ftr-312	480	6	think	think	VERB
ftr-312	480	7	of	of	ADP
ftr-312	480	8	an	an	DET
ftr-312	480	9	example	example	NOUN
ftr-312	480	10	where	where	SCONJ
ftr-312	480	11	an	an	DET
ftr-312	480	12	early	early	ADJ
ftr-312	480	13	globalization	globalization	NOUN
ftr-312	480	14	strategy	strategy	NOUN
ftr-312	480	15	requiring	require	VERB
ftr-312	480	16	significant	significant	ADJ
ftr-312	480	17	up	up	ADJ
ftr-312	480	18	-	-	PUNCT
ftr-312	480	19	front	front	NOUN
ftr-312	480	20	capital	capital	NOUN
ftr-312	480	21	investment	investment	NOUN
ftr-312	480	22	had	have	AUX
ftr-312	480	23	improved	improve	VERB
ftr-312	480	24	a	a	DET
ftr-312	480	25	startup	startup	NOUN
ftr-312	480	26	’s	’s	PART
ftr-312	480	27	valuation	valuation	NOUN
ftr-312	480	28	.	.	PUNCT
ftr-312	481	1	such	such	ADJ
ftr-312	481	2	plans	plan	NOUN
ftr-312	481	3	“	"	PUNCT
ftr-312	481	4	take	take	VERB
ftr-312	481	5	a	a	DET
ftr-312	481	6	lot	lot	NOUN
ftr-312	481	7	of	of	ADP
ftr-312	481	8	money	money	NOUN
ftr-312	481	9	,	,	PUNCT
ftr-312	481	10	”	"	PUNCT
ftr-312	481	11	and	and	CCONJ
ftr-312	481	12	when	when	SCONJ
ftr-312	481	13	“	"	PUNCT
ftr-312	481	14	the	the	DET
ftr-312	481	15	music	music	NOUN
ftr-312	481	16	stops	stop	VERB
ftr-312	481	17	,	,	PUNCT
ftr-312	481	18	”	"	PUNCT
ftr-312	481	19	for	for	ADP
ftr-312	481	20	example	example	NOUN
ftr-312	481	21	prior	prior	ADV
ftr-312	481	22	to	to	ADP
ftr-312	481	23	the	the	DET
ftr-312	481	24	company	company	NOUN
ftr-312	481	25	achieving	achieve	VERB
ftr-312	481	26	self	self	NOUN
ftr-312	481	27	-	-	PUNCT
ftr-312	481	28	sufficiency	sufficiency	NOUN
ftr-312	481	29	through	through	ADP
ftr-312	481	30	a	a	DET
ftr-312	481	31	revenue	revenue	NOUN
ftr-312	481	32	stream	stream	NOUN
ftr-312	481	33	,	,	PUNCT
ftr-312	481	34	the	the	DET
ftr-312	481	35	capital	capital	NOUN
ftr-312	481	36	is	be	AUX
ftr-312	481	37	gone.105	gone.105	PROPN
ftr-312	481	38	reluctance	reluctance	NOUN
ftr-312	481	39	to	to	PART
ftr-312	481	40	slow	slow	VERB
ftr-312	481	41	down	down	ADP
ftr-312	481	42	business	business	NOUN
ftr-312	481	43	plan	plan	NOUN
ftr-312	481	44	implementation	implementation	NOUN
ftr-312	481	45	may	may	AUX
ftr-312	481	46	limit	limit	VERB
ftr-312	481	47	startups	startup	NOUN
ftr-312	481	48	’	'	PUNCT
ftr-312	481	49	focus	focus	NOUN
ftr-312	481	50	on	on	ADP
ftr-312	481	51	legal	legal	ADJ
ftr-312	481	52	issues	issue	NOUN
ftr-312	481	53	generally	generally	ADV
ftr-312	481	54	.	.	PUNCT
ftr-312	482	1	one	one	NUM
ftr-312	482	2	entrepreneur	entrepreneur	NOUN
ftr-312	482	3	reported	report	VERB
ftr-312	482	4	that	that	SCONJ
ftr-312	482	5	“	"	PUNCT
ftr-312	482	6	legal	legal	ADJ
ftr-312	482	7	is	be	AUX
ftr-312	482	8	the	the	DET
ftr-312	482	9	last	last	ADJ
ftr-312	482	10	thing	thing	NOUN
ftr-312	482	11	on	on	ADP
ftr-312	482	12	my	my	PRON
ftr-312	482	13	mind	mind	NOUN
ftr-312	482	14	;	;	PUNCT
ftr-312	482	15	”	"	PUNCT
ftr-312	482	16	when	when	SCONJ
ftr-312	482	17	a	a	DET
ftr-312	482	18	prospective	prospective	ADJ
ftr-312	482	19	strategic	strategic	ADJ
ftr-312	482	20	acquirer	acquirer	NOUN
ftr-312	482	21	asked	ask	VERB
ftr-312	482	22	him	he	PRON
ftr-312	482	23	“	"	PUNCT
ftr-312	482	24	how	how	SCONJ
ftr-312	482	25	many	many	ADJ
ftr-312	482	26	compliance	compliance	NOUN
ftr-312	482	27	people	people	NOUN
ftr-312	482	28	”	"	PUNCT
ftr-312	482	29	he	he	PRON
ftr-312	482	30	had	have	VERB
ftr-312	482	31	,	,	PUNCT
ftr-312	482	32	he	he	PRON
ftr-312	482	33	was	be	AUX
ftr-312	482	34	struck	strike	VERB
ftr-312	482	35	by	by	ADP
ftr-312	482	36	the	the	DET
ftr-312	482	37	fact	fact	NOUN
ftr-312	482	38	that	that	SCONJ
ftr-312	482	39	the	the	DET
ftr-312	482	40	acquirer	acquirer	NOUN
ftr-312	482	41	had	have	AUX
ftr-312	482	42	“	"	PUNCT
ftr-312	482	43	the	the	DET
ftr-312	482	44	luxury	luxury	NOUN
ftr-312	482	45	of	of	ADP
ftr-312	482	46	asking	ask	VERB
ftr-312	482	47	that	that	DET
ftr-312	482	48	question	question	NOUN
ftr-312	482	49	.	.	PUNCT
ftr-312	482	50	”106	”106	PUNCT
ftr-312	483	1	another	another	DET
ftr-312	483	2	entrepreneur	entrepreneur	NOUN
ftr-312	483	3	explained	explain	VERB
ftr-312	483	4	that	that	SCONJ
ftr-312	483	5	even	even	ADV
ftr-312	483	6	though	though	SCONJ
ftr-312	483	7	unfavorable	unfavorable	ADJ
ftr-312	483	8	customer	customer	NOUN
ftr-312	483	9	agreements	agreement	NOUN
ftr-312	483	10	had	have	AUX
ftr-312	483	11	required	require	VERB
ftr-312	483	12	renegotiation	renegotiation	NOUN
ftr-312	483	13	at	at	ADP
ftr-312	483	14	the	the	DET
ftr-312	483	15	time	time	NOUN
ftr-312	483	16	of	of	ADP
ftr-312	483	17	acquisition	acquisition	NOUN
ftr-312	483	18	,	,	PUNCT
ftr-312	483	19	costing	cost	VERB
ftr-312	483	20	time	time	NOUN
ftr-312	483	21	and	and	CCONJ
ftr-312	483	22	money	money	NOUN
ftr-312	483	23	,	,	PUNCT
ftr-312	483	24	the	the	DET
ftr-312	483	25	company	company	NOUN
ftr-312	483	26	would	would	AUX
ftr-312	483	27	not	not	PART
ftr-312	483	28	necessarily	necessarily	ADV
ftr-312	483	29	have	have	AUX
ftr-312	483	30	invested	invest	VERB
ftr-312	483	31	in	in	ADP
ftr-312	483	32	legal	legal	ADJ
ftr-312	483	33	review	review	NOUN
ftr-312	483	34	of	of	ADP
ftr-312	483	35	the	the	DET
ftr-312	483	36	agreements	agreement	NOUN
ftr-312	483	37	even	even	ADV
ftr-312	483	38	with	with	ADP
ftr-312	483	39	the	the	DET
ftr-312	483	40	benefit	benefit	NOUN
ftr-312	483	41	of	of	ADP
ftr-312	483	42	hindsight	hindsight	ADJ
ftr-312	483	43	,	,	PUNCT
ftr-312	483	44	since	since	SCONJ
ftr-312	483	45	such	such	ADJ
ftr-312	483	46	review	review	NOUN
ftr-312	483	47	would	would	AUX
ftr-312	483	48	have	have	AUX
ftr-312	483	49	slowed	slow	VERB
ftr-312	483	50	down	down	ADP
ftr-312	483	51	sales.107	sales.107	PROPN
ftr-312	483	52	startup	startup	NOUN
ftr-312	483	53	lawyers	lawyer	NOUN
ftr-312	483	54	triage	triage	VERB
ftr-312	483	55	the	the	DET
ftr-312	483	56	legal	legal	ADJ
ftr-312	483	57	issues	issue	NOUN
ftr-312	483	58	they	they	PRON
ftr-312	483	59	recommend	recommend	VERB
ftr-312	483	60	that	that	SCONJ
ftr-312	483	61	their	their	PRON
ftr-312	483	62	clients	client	NOUN
ftr-312	483	63	address	address	VERB
ftr-312	483	64	.	.	PUNCT
ftr-312	484	1	issues	issue	NOUN
ftr-312	484	2	like	like	ADP
ftr-312	484	3	intellectual	intellectual	ADJ
ftr-312	484	4	property	property	NOUN
ftr-312	484	5	ownership	ownership	NOUN
ftr-312	484	6	and	and	CCONJ
ftr-312	484	7	a	a	DET
ftr-312	484	8	clean	clean	ADJ
ftr-312	484	9	capitalization	capitalization	NOUN
ftr-312	484	10	table	table	NOUN
ftr-312	484	11	take	take	VERB
ftr-312	484	12	precedence	precedence	NOUN
ftr-312	484	13	over	over	ADP
ftr-312	484	14	organization	organization	NOUN
ftr-312	484	15	decisions.108	decisions.108	NOUN
ftr-312	484	16	startup	startup	VERB
ftr-312	484	17	lawyers	lawyer	NOUN
ftr-312	484	18	readily	readily	ADV
ftr-312	484	19	give	give	VERB
ftr-312	484	20	examples	example	NOUN
ftr-312	484	21	of	of	ADP
ftr-312	484	22	startups	startup	NOUN
ftr-312	484	23	that	that	PRON
ftr-312	484	24	have	have	AUX
ftr-312	484	25	stumbled	stumble	VERB
ftr-312	484	26	over	over	ADP
ftr-312	484	27	ip	ip	NOUN
ftr-312	484	28	ownership	ownership	NOUN
ftr-312	484	29	or	or	CCONJ
ftr-312	484	30	“	"	PUNCT
ftr-312	484	31	founder	founder	NOUN
ftr-312	484	32	in	in	ADP
ftr-312	484	33	the	the	DET
ftr-312	484	34	woodwork”109	woodwork”109	ADJ
ftr-312	484	35	problems	problem	NOUN
ftr-312	484	36	.	.	PUNCT
ftr-312	485	1	in	in	ADP
ftr-312	485	2	contrast	contrast	NOUN
ftr-312	485	3	,	,	PUNCT
ftr-312	485	4	they	they	PRON
ftr-312	485	5	generally	generally	ADV
ftr-312	485	6	do	do	AUX
ftr-312	485	7	not	not	PART
ftr-312	485	8	see	see	VERB
ftr-312	485	9	evidence	evidence	NOUN
ftr-312	485	10	that	that	SCONJ
ftr-312	485	11	organizing	organize	VERB
ftr-312	485	12	as	as	ADP
ftr-312	485	13	anything	anything	PRON
ftr-312	485	14	other	other	ADJ
ftr-312	485	15	than	than	ADP
ftr-312	485	16	a	a	DET
ftr-312	485	17	delaware	delaware	PROPN
ftr-312	485	18	c	c	PROPN
ftr-312	485	19	corporation	corporation	PROPN
ftr-312	485	20	changes	change	VERB
ftr-312	485	21	the	the	DET
ftr-312	485	22	startup	startup	NOUN
ftr-312	485	23	firm	firm	NOUN
ftr-312	485	24	’s	’s	PART
ftr-312	485	25	chances	chance	NOUN
ftr-312	485	26	of	of	ADP
ftr-312	485	27	a	a	DET
ftr-312	485	28	successful	successful	ADJ
ftr-312	485	29	exit	exit	NOUN
ftr-312	485	30	or	or	CCONJ
ftr-312	485	31	the	the	DET
ftr-312	485	32	likely	likely	ADJ
ftr-312	485	33	valuation	valuation	NOUN
ftr-312	485	34	of	of	ADP
ftr-312	485	35	that	that	DET
ftr-312	485	36	exit.110	exit.110	PROPN
ftr-312	485	37	resource	resource	NOUN
ftr-312	485	38	constraints	constraint	NOUN
ftr-312	485	39	encourage	encourage	VERB
ftr-312	485	40	startups	startup	NOUN
ftr-312	485	41	to	to	PART
ftr-312	485	42	prefer	prefer	VERB
ftr-312	485	43	the	the	DET
ftr-312	485	44	simplest	simple	ADJ
ftr-312	485	45	organizational	organizational	ADJ
ftr-312	485	46	structure	structure	NOUN
ftr-312	485	47	:	:	PUNCT
ftr-312	485	48	the	the	DET
ftr-312	485	49	delaware	delaware	PROPN
ftr-312	485	50	c	c	PROPN
ftr-312	485	51	corporation	corporation	PROPN
ftr-312	485	52	.	.	PUNCT
ftr-312	486	1	this	this	DET
ftr-312	486	2	organizational	organizational	ADJ
ftr-312	486	3	choice	choice	NOUN
ftr-312	486	4	is	be	AUX
ftr-312	486	5	simple	simple	ADJ
ftr-312	486	6	in	in	ADP
ftr-312	486	7	part	part	NOUN
ftr-312	486	8	because	because	SCONJ
ftr-312	486	9	of	of	ADP
ftr-312	486	10	path	path	NOUN
ftr-312	486	11	dependence	dependence	NOUN
ftr-312	486	12	;	;	PUNCT
ftr-312	486	13	it	it	PRON
ftr-312	486	14	is	be	AUX
ftr-312	486	15	the	the	DET
ftr-312	486	16	“	"	PUNCT
ftr-312	486	17	cookie	cookie	NOUN
ftr-312	486	18	-	-	PUNCT
ftr-312	486	19	cutter	cutter	NOUN
ftr-312	486	20	”	"	PUNCT
ftr-312	486	21	structure,111	structure,111	NOUN
ftr-312	486	22	the	the	DET
ftr-312	486	23	“	"	PUNCT
ftr-312	486	24	pre	pre	ADJ
ftr-312	486	25	-	-	ADJ
ftr-312	486	26	approved	approved	ADJ
ftr-312	486	27	”	"	PUNCT
ftr-312	486	28	package,112	package,112	NOUN
ftr-312	486	29	the	the	DET
ftr-312	486	30	“	"	PUNCT
ftr-312	486	31	gold	gold	ADJ
ftr-312	486	32	standard,”113	standard,”113	NOUN
ftr-312	486	33	104	104	NUM
ftr-312	486	34	.	.	PUNCT
ftr-312	487	1	telephone	telephone	NOUN
ftr-312	487	2	interview	interview	NOUN
ftr-312	487	3	with	with	ADP
ftr-312	487	4	silicon	silicon	NOUN
ftr-312	487	5	valley	valley	PROPN
ftr-312	487	6	law	law	PROPN
ftr-312	487	7	firm	firm	NOUN
ftr-312	487	8	partner	partner	NOUN
ftr-312	487	9	(	(	PUNCT
ftr-312	487	10	feb	feb	PROPN
ftr-312	487	11	.	.	PROPN
ftr-312	487	12	4	4	NUM
ftr-312	487	13	,	,	PUNCT
ftr-312	487	14	2013	2013	NUM
ftr-312	487	15	)	)	PUNCT
ftr-312	487	16	.	.	PUNCT
ftr-312	488	1	105	105	NUM
ftr-312	488	2	.	.	PUNCT
ftr-312	489	1	telephone	telephone	NOUN
ftr-312	489	2	interview	interview	NOUN
ftr-312	489	3	with	with	ADP
ftr-312	489	4	silicon	silicon	PROPN
ftr-312	489	5	valley	valley	PROPN
ftr-312	489	6	venture	venture	PROPN
ftr-312	489	7	fund	fund	PROPN
ftr-312	489	8	partner	partner	NOUN
ftr-312	489	9	(	(	PUNCT
ftr-312	489	10	feb	feb	PROPN
ftr-312	489	11	.	.	PROPN
ftr-312	489	12	8	8	NUM
ftr-312	489	13	,	,	PUNCT
ftr-312	489	14	2013	2013	NUM
ftr-312	489	15	)	)	PUNCT
ftr-312	489	16	.	.	PUNCT
ftr-312	490	1	106	106	NUM
ftr-312	490	2	.	.	PUNCT
ftr-312	491	1	telephone	telephone	NOUN
ftr-312	491	2	interview	interview	NOUN
ftr-312	491	3	with	with	ADP
ftr-312	491	4	san	san	PROPN
ftr-312	491	5	francisco	francisco	PROPN
ftr-312	491	6	entrepreneur	entrepreneur	NOUN
ftr-312	491	7	(	(	PUNCT
ftr-312	491	8	feb	feb	PROPN
ftr-312	491	9	.	.	PROPN
ftr-312	491	10	16	16	NUM
ftr-312	491	11	,	,	PUNCT
ftr-312	491	12	2013	2013	NUM
ftr-312	491	13	)	)	PUNCT
ftr-312	491	14	.	.	PUNCT
ftr-312	492	1	107	107	NUM
ftr-312	492	2	.	.	PUNCT
ftr-312	493	1	telephone	telephone	NOUN
ftr-312	493	2	interview	interview	NOUN
ftr-312	493	3	with	with	ADP
ftr-312	493	4	silicon	silicon	PROPN
ftr-312	493	5	valley	valley	PROPN
ftr-312	493	6	entrepreneur	entrepreneur	NOUN
ftr-312	493	7	(	(	PUNCT
ftr-312	493	8	feb	feb	PROPN
ftr-312	493	9	.	.	PROPN
ftr-312	493	10	30	30	NUM
ftr-312	493	11	,	,	PUNCT
ftr-312	493	12	2013	2013	NUM
ftr-312	493	13	)	)	PUNCT
ftr-312	493	14	.	.	PUNCT
ftr-312	494	1	108	108	NUM
ftr-312	494	2	.	.	PUNCT
ftr-312	495	1	e.g.	e.g.	ADV
ftr-312	495	2	,	,	PUNCT
ftr-312	495	3	telephone	telephone	NOUN
ftr-312	495	4	interview	interview	NOUN
ftr-312	495	5	with	with	ADP
ftr-312	495	6	san	san	PROPN
ftr-312	495	7	francisco	francisco	PROPN
ftr-312	495	8	law	law	NOUN
ftr-312	495	9	firm	firm	NOUN
ftr-312	495	10	partner	partner	NOUN
ftr-312	495	11	(	(	PUNCT
ftr-312	495	12	jan	jan	PROPN
ftr-312	495	13	.	.	PROPN
ftr-312	495	14	28	28	NUM
ftr-312	495	15	,	,	PUNCT
ftr-312	495	16	2013	2013	NUM
ftr-312	495	17	)	)	PUNCT
ftr-312	495	18	(	(	PUNCT
ftr-312	495	19	explaining	explain	VERB
ftr-312	495	20	the	the	DET
ftr-312	495	21	importance	importance	NOUN
ftr-312	495	22	of	of	ADP
ftr-312	495	23	“	"	PUNCT
ftr-312	495	24	buddy	buddy	NOUN
ftr-312	495	25	”	"	PUNCT
ftr-312	495	26	issues	issue	NOUN
ftr-312	495	27	relating	relate	VERB
ftr-312	495	28	to	to	AUX
ftr-312	495	29	co	co	VERB
ftr-312	495	30	-	-	VERB
ftr-312	495	31	developed	develop	VERB
ftr-312	495	32	ip	ip	NOUN
ftr-312	495	33	and	and	CCONJ
ftr-312	495	34	emphasizing	emphasize	VERB
ftr-312	495	35	the	the	DET
ftr-312	495	36	importance	importance	NOUN
ftr-312	495	37	of	of	ADP
ftr-312	495	38	focusing	focus	VERB
ftr-312	495	39	on	on	ADP
ftr-312	495	40	“	"	PUNCT
ftr-312	495	41	the	the	DET
ftr-312	495	42	most	most	ADV
ftr-312	495	43	high	high	ADJ
ftr-312	495	44	level	level	NOUN
ftr-312	495	45	issues	issue	NOUN
ftr-312	495	46	”	"	PUNCT
ftr-312	495	47	)	)	PUNCT
ftr-312	495	48	.	.	PUNCT
ftr-312	496	1	109	109	NUM
ftr-312	496	2	.	.	PUNCT
ftr-312	496	3	telephone	telephone	NOUN
ftr-312	496	4	interview	interview	NOUN
ftr-312	496	5	with	with	ADP
ftr-312	496	6	silicon	silicon	PROPN
ftr-312	496	7	valley	valley	PROPN
ftr-312	496	8	venture	venture	PROPN
ftr-312	496	9	fund	fund	PROPN
ftr-312	496	10	partner	partner	NOUN
ftr-312	496	11	(	(	PUNCT
ftr-312	496	12	feb	feb	PROPN
ftr-312	496	13	.	.	PROPN
ftr-312	496	14	8	8	NUM
ftr-312	496	15	,	,	PUNCT
ftr-312	496	16	2013	2013	NUM
ftr-312	496	17	)	)	PUNCT
ftr-312	496	18	.	.	PUNCT
ftr-312	497	1	110	110	NUM
ftr-312	497	2	.	.	PUNCT
ftr-312	498	1	e.g.	e.g.	ADV
ftr-312	498	2	telephone	telephone	NOUN
ftr-312	498	3	interview	interview	NOUN
ftr-312	498	4	with	with	ADP
ftr-312	498	5	san	san	PROPN
ftr-312	498	6	francisco	francisco	PROPN
ftr-312	498	7	law	law	NOUN
ftr-312	498	8	firm	firm	NOUN
ftr-312	498	9	partner	partner	NOUN
ftr-312	498	10	(	(	PUNCT
ftr-312	498	11	feb	feb	PROPN
ftr-312	498	12	.	.	PROPN
ftr-312	498	13	16	16	NUM
ftr-312	498	14	,	,	PUNCT
ftr-312	498	15	2013	2013	NUM
ftr-312	498	16	)	)	PUNCT
ftr-312	498	17	(	(	PUNCT
ftr-312	498	18	“	"	PUNCT
ftr-312	498	19	i	i	PRON
ftr-312	498	20	do	do	AUX
ftr-312	498	21	n’t	not	PART
ftr-312	498	22	think	think	VERB
ftr-312	498	23	there	there	PRON
ftr-312	498	24	’s	’	VERB
ftr-312	498	25	any	any	DET
ftr-312	498	26	example	example	NOUN
ftr-312	498	27	of	of	ADP
ftr-312	498	28	people	people	NOUN
ftr-312	498	29	getting	get	VERB
ftr-312	498	30	extra	extra	ADJ
ftr-312	498	31	money	money	NOUN
ftr-312	498	32	for	for	ADP
ftr-312	498	33	[	[	PUNCT
ftr-312	498	34	an	an	DET
ftr-312	498	35	offshore	offshore	ADJ
ftr-312	498	36	structure	structure	NOUN
ftr-312	498	37	]	]	PUNCT
ftr-312	498	38	.	.	PUNCT
ftr-312	498	39	”	"	PUNCT
ftr-312	498	40	)	)	PUNCT
ftr-312	498	41	.	.	PUNCT
ftr-312	499	1	111	111	NUM
ftr-312	499	2	.	.	PUNCT
ftr-312	499	3	telephone	telephone	NOUN
ftr-312	499	4	interview	interview	NOUN
ftr-312	499	5	with	with	ADP
ftr-312	499	6	san	san	PROPN
ftr-312	499	7	francisco	francisco	PROPN
ftr-312	499	8	entrepreneur	entrepreneur	NOUN
ftr-312	499	9	(	(	PUNCT
ftr-312	499	10	feb	feb	PROPN
ftr-312	499	11	.	.	PROPN
ftr-312	499	12	16	16	NUM
ftr-312	499	13	,	,	PUNCT
ftr-312	499	14	2013	2013	NUM
ftr-312	499	15	)	)	PUNCT
ftr-312	499	16	.	.	PUNCT
ftr-312	500	1	344	344	NUM
ftr-312	500	2	florida	florida	PROPN
ftr-312	500	3	tax	tax	PROPN
ftr-312	500	4	review	review	NOUN
ftr-312	500	5	[	[	X
ftr-312	500	6	vol	vol	NOUN
ftr-312	500	7	.	.	PUNCT
ftr-312	501	1	14:8	14:8	NUM
ftr-312	501	2	“	"	PUNCT
ftr-312	501	3	dogma,”114	dogma,”114	X
ftr-312	501	4	the	the	DET
ftr-312	501	5	“	"	PUNCT
ftr-312	501	6	generally	generally	ADV
ftr-312	501	7	accepted	accept	VERB
ftr-312	501	8	norm	norm	NOUN
ftr-312	501	9	.	.	PUNCT
ftr-312	501	10	”115	”115	PUNCT
ftr-312	502	1	under	under	ADP
ftr-312	502	2	current	current	ADJ
ftr-312	502	3	practice	practice	NOUN
ftr-312	502	4	,	,	PUNCT
ftr-312	502	5	delaware	delaware	PROPN
ftr-312	502	6	corporations	corporation	NOUN
ftr-312	502	7	are	be	AUX
ftr-312	502	8	simpler	simple	ADJ
ftr-312	502	9	than	than	ADP
ftr-312	502	10	llcs	llcs	NOUN
ftr-312	502	11	or	or	CCONJ
ftr-312	502	12	partnerships	partnership	NOUN
ftr-312	502	13	and	and	CCONJ
ftr-312	502	14	also	also	ADV
ftr-312	502	15	simpler	simple	ADJ
ftr-312	502	16	than	than	ADP
ftr-312	502	17	us	we	PRON
ftr-312	502	18	-	-	PUNCT
ftr-312	502	19	based	base	VERB
ftr-312	502	20	non	non	ADJ
ftr-312	502	21	-	-	ADJ
ftr-312	502	22	us	us	PROPN
ftr-312	502	23	corporations	corporation	NOUN
ftr-312	502	24	.	.	PUNCT
ftr-312	503	1	important	important	ADJ
ftr-312	503	2	examples	example	NOUN
ftr-312	503	3	of	of	ADP
ftr-312	503	4	delaware	delaware	PROPN
ftr-312	503	5	corporation	corporation	PROPN
ftr-312	503	6	simplicity	simplicity	PROPN
ftr-312	503	7	identified	identify	VERB
ftr-312	503	8	in	in	ADP
ftr-312	503	9	the	the	DET
ftr-312	503	10	corporation	corporation	NOUN
ftr-312	503	11	-	-	PUNCT
ftr-312	503	12	versus	versus	ADP
ftr-312	503	13	-	-	PUNCT
ftr-312	503	14	llc	llc	NOUN
ftr-312	503	15	literature	literature	NOUN
ftr-312	503	16	include	include	VERB
ftr-312	503	17	employee	employee	NOUN
ftr-312	503	18	options	option	NOUN
ftr-312	503	19	,	,	PUNCT
ftr-312	503	20	corporate	corporate	ADJ
ftr-312	503	21	governance	governance	NOUN
ftr-312	503	22	,	,	PUNCT
ftr-312	503	23	and	and	CCONJ
ftr-312	504	1	exit	exit	NOUN
ftr-312	504	2	strategy,116	strategy,116	PROPN
ftr-312	504	3	although	although	SCONJ
ftr-312	504	4	it	it	PRON
ftr-312	504	5	would	would	AUX
ftr-312	504	6	surely	surely	ADV
ftr-312	504	7	be	be	AUX
ftr-312	504	8	possible	possible	ADJ
ftr-312	504	9	to	to	PART
ftr-312	504	10	optimize	optimize	VERB
ftr-312	504	11	and	and	CCONJ
ftr-312	504	12	simplify	simplify	VERB
ftr-312	504	13	a	a	DET
ftr-312	504	14	different	different	ADJ
ftr-312	504	15	structure	structure	NOUN
ftr-312	504	16	if	if	SCONJ
ftr-312	504	17	it	it	PRON
ftr-312	504	18	were	be	AUX
ftr-312	504	19	widely	widely	ADV
ftr-312	504	20	used.117	used.117	ADJ
ftr-312	504	21	similarly	similarly	ADV
ftr-312	504	22	,	,	PUNCT
ftr-312	504	23	delaware	delaware	PROPN
ftr-312	504	24	organization	organization	PROPN
ftr-312	504	25	is	be	AUX
ftr-312	504	26	simpler	simple	ADJ
ftr-312	504	27	than	than	ADP
ftr-312	504	28	non	non	ADJ
ftr-312	504	29	-	-	ADJ
ftr-312	504	30	us	us	ADJ
ftr-312	504	31	organization	organization	NOUN
ftr-312	504	32	for	for	ADP
ftr-312	504	33	us	we	PRON
ftr-312	504	34	-	-	PUNCT
ftr-312	504	35	based	base	VERB
ftr-312	504	36	startups	startup	NOUN
ftr-312	504	37	.	.	PUNCT
ftr-312	505	1	the	the	DET
ftr-312	505	2	addition	addition	NOUN
ftr-312	505	3	of	of	ADP
ftr-312	505	4	non	non	ADJ
ftr-312	505	5	-	-	ADJ
ftr-312	505	6	us	us	PROPN
ftr-312	505	7	entities	entity	NOUN
ftr-312	505	8	to	to	ADP
ftr-312	505	9	the	the	DET
ftr-312	505	10	mix	mix	NOUN
ftr-312	505	11	adds	add	VERB
ftr-312	505	12	more	more	ADJ
ftr-312	505	13	complexity	complexity	NOUN
ftr-312	505	14	because	because	SCONJ
ftr-312	505	15	the	the	DET
ftr-312	505	16	relevance	relevance	NOUN
ftr-312	505	17	of	of	ADP
ftr-312	505	18	different	different	ADJ
ftr-312	505	19	laws	law	NOUN
ftr-312	505	20	requires	require	VERB
ftr-312	505	21	more	more	ADJ
ftr-312	505	22	than	than	ADP
ftr-312	505	23	one	one	NUM
ftr-312	505	24	set	set	NOUN
ftr-312	505	25	of	of	ADP
ftr-312	505	26	legal	legal	ADJ
ftr-312	505	27	and	and	CCONJ
ftr-312	505	28	other	other	ADJ
ftr-312	505	29	advisors.118	advisors.118	AUX
ftr-312	505	30	managing	manage	VERB
ftr-312	505	31	multiple	multiple	ADJ
ftr-312	505	32	corporate	corporate	ADJ
ftr-312	505	33	entities	entity	NOUN
ftr-312	505	34	and	and	CCONJ
ftr-312	505	35	related	related	ADJ
ftr-312	505	36	agreements	agreement	NOUN
ftr-312	505	37	between	between	ADP
ftr-312	505	38	them	they	PRON
ftr-312	505	39	complicates	complicate	VERB
ftr-312	505	40	the	the	DET
ftr-312	505	41	project	project	NOUN
ftr-312	505	42	of	of	ADP
ftr-312	505	43	running	run	VERB
ftr-312	505	44	the	the	DET
ftr-312	505	45	company.119	company.119	NOUN
ftr-312	505	46	available	available	ADJ
ftr-312	505	47	resources	resource	NOUN
ftr-312	505	48	for	for	ADP
ftr-312	505	49	efficient	efficient	ADJ
ftr-312	505	50	corporation	corporation	NOUN
ftr-312	505	51	formation	formation	NOUN
ftr-312	505	52	services	service	NOUN
ftr-312	505	53	for	for	ADP
ftr-312	505	54	startups	startup	NOUN
ftr-312	505	55	lean	lean	ADJ
ftr-312	505	56	toward	toward	ADP
ftr-312	505	57	a	a	DET
ftr-312	505	58	delaware	delaware	PROPN
ftr-312	505	59	corporate	corporate	ADJ
ftr-312	505	60	structure	structure	NOUN
ftr-312	505	61	,	,	PUNCT
ftr-312	505	62	especially	especially	ADV
ftr-312	505	63	the	the	DET
ftr-312	505	64	resources	resource	NOUN
ftr-312	505	65	provided	provide	VERB
ftr-312	505	66	by	by	ADP
ftr-312	505	67	law	law	NOUN
ftr-312	505	68	firms	firm	NOUN
ftr-312	505	69	.	.	PUNCT
ftr-312	506	1	a	a	DET
ftr-312	506	2	founder	founder	NOUN
ftr-312	506	3	looking	look	VERB
ftr-312	506	4	for	for	ADP
ftr-312	506	5	online	online	ADJ
ftr-312	506	6	advice	advice	NOUN
ftr-312	506	7	about	about	ADP
ftr-312	506	8	how	how	SCONJ
ftr-312	506	9	to	to	PART
ftr-312	506	10	organize	organize	VERB
ftr-312	506	11	a	a	DET
ftr-312	506	12	startup	startup	NOUN
ftr-312	506	13	will	will	AUX
ftr-312	506	14	soon	soon	ADV
ftr-312	506	15	find	find	VERB
ftr-312	506	16	legalzoom	legalzoom	PROPN
ftr-312	506	17	,	,	PUNCT
ftr-312	506	18	which	which	PRON
ftr-312	506	19	provides	provide	VERB
ftr-312	506	20	form	form	NOUN
ftr-312	506	21	documents	document	NOUN
ftr-312	506	22	for	for	ADP
ftr-312	506	23	llcs	llcs	NOUN
ftr-312	506	24	as	as	ADV
ftr-312	506	25	well	well	ADV
ftr-312	506	26	as	as	ADP
ftr-312	506	27	s	s	PRON
ftr-312	506	28	and	and	CCONJ
ftr-312	506	29	c	c	NOUN
ftr-312	506	30	corporations.120	corporations.120	ADV
ftr-312	506	31	however	however	ADV
ftr-312	506	32	,	,	PUNCT
ftr-312	506	33	the	the	DET
ftr-312	506	34	online	online	ADJ
ftr-312	506	35	112	112	NUM
ftr-312	506	36	.	.	PUNCT
ftr-312	507	1	telephone	telephone	NOUN
ftr-312	507	2	interview	interview	NOUN
ftr-312	507	3	with	with	ADP
ftr-312	507	4	silicon	silicon	NOUN
ftr-312	507	5	valley	valley	PROPN
ftr-312	507	6	law	law	PROPN
ftr-312	507	7	firm	firm	NOUN
ftr-312	507	8	partner	partner	NOUN
ftr-312	507	9	(	(	PUNCT
ftr-312	507	10	feb	feb	PROPN
ftr-312	507	11	.	.	PROPN
ftr-312	507	12	4	4	NUM
ftr-312	507	13	,	,	PUNCT
ftr-312	507	14	2013	2013	NUM
ftr-312	507	15	)	)	PUNCT
ftr-312	507	16	.	.	PUNCT
ftr-312	508	1	113	113	NUM
ftr-312	508	2	.	.	PUNCT
ftr-312	509	1	telephone	telephone	NOUN
ftr-312	509	2	interview	interview	NOUN
ftr-312	509	3	with	with	ADP
ftr-312	509	4	silicon	silicon	PROPN
ftr-312	509	5	valley	valley	PROPN
ftr-312	509	6	venture	venture	PROPN
ftr-312	509	7	fund	fund	PROPN
ftr-312	509	8	partner	partner	NOUN
ftr-312	509	9	(	(	PUNCT
ftr-312	509	10	feb	feb	PROPN
ftr-312	509	11	.	.	PROPN
ftr-312	509	12	22	22	NUM
ftr-312	509	13	,	,	PUNCT
ftr-312	509	14	2013	2013	NUM
ftr-312	509	15	)	)	PUNCT
ftr-312	509	16	.	.	PUNCT
ftr-312	510	1	114	114	NUM
ftr-312	510	2	.	.	PUNCT
ftr-312	511	1	telephone	telephone	NOUN
ftr-312	511	2	interview	interview	NOUN
ftr-312	511	3	with	with	ADP
ftr-312	511	4	silicon	silicon	PROPN
ftr-312	511	5	valley	valley	PROPN
ftr-312	511	6	entrepreneur	entrepreneur	NOUN
ftr-312	511	7	(	(	PUNCT
ftr-312	511	8	feb	feb	PROPN
ftr-312	511	9	.	.	PROPN
ftr-312	511	10	11	11	NUM
ftr-312	511	11	,	,	PUNCT
ftr-312	511	12	2013	2013	NUM
ftr-312	511	13	)	)	PUNCT
ftr-312	511	14	.	.	PUNCT
ftr-312	512	1	115	115	NUM
ftr-312	512	2	.	.	PUNCT
ftr-312	513	1	telephone	telephone	NOUN
ftr-312	513	2	interview	interview	NOUN
ftr-312	513	3	with	with	ADP
ftr-312	513	4	silicon	silicon	NOUN
ftr-312	513	5	valley	valley	PROPN
ftr-312	513	6	law	law	PROPN
ftr-312	513	7	firm	firm	NOUN
ftr-312	513	8	partner	partner	NOUN
ftr-312	513	9	(	(	PUNCT
ftr-312	513	10	feb	feb	PROPN
ftr-312	513	11	.	.	PROPN
ftr-312	513	12	4	4	NUM
ftr-312	513	13	,	,	PUNCT
ftr-312	513	14	2013	2013	NUM
ftr-312	513	15	)	)	PUNCT
ftr-312	513	16	.	.	PUNCT
ftr-312	514	1	116	116	X
ftr-312	514	2	.	.	PUNCT
ftr-312	515	1	see	see	VERB
ftr-312	515	2	fleischer	fleischer	PROPN
ftr-312	515	3	,	,	PUNCT
ftr-312	515	4	the	the	DET
ftr-312	515	5	rational	rational	ADJ
ftr-312	515	6	exuberance	exuberance	NOUN
ftr-312	515	7	of	of	ADP
ftr-312	515	8	structuring	structure	VERB
ftr-312	515	9	venture	venture	NOUN
ftr-312	515	10	capital	capital	NOUN
ftr-312	515	11	,	,	PUNCT
ftr-312	515	12	supra	supra	PROPN
ftr-312	515	13	note	note	NOUN
ftr-312	515	14	4	4	NUM
ftr-312	515	15	,	,	PUNCT
ftr-312	515	16	at	at	ADP
ftr-312	515	17	167–84	167–84	NOUN
ftr-312	515	18	(	(	PUNCT
ftr-312	515	19	explaining	explain	VERB
ftr-312	515	20	reasons	reason	NOUN
ftr-312	515	21	why	why	SCONJ
ftr-312	515	22	venture	venture	NOUN
ftr-312	515	23	capitalists	capitalist	NOUN
ftr-312	515	24	may	may	AUX
ftr-312	515	25	stick	stick	VERB
ftr-312	515	26	with	with	ADP
ftr-312	515	27	the	the	DET
ftr-312	515	28	“	"	PUNCT
ftr-312	515	29	devil	devil	NOUN
ftr-312	515	30	they	they	PRON
ftr-312	515	31	know	know	VERB
ftr-312	515	32	”	"	PUNCT
ftr-312	515	33	)	)	PUNCT
ftr-312	515	34	.	.	PUNCT
ftr-312	516	1	117	117	NUM
ftr-312	516	2	.	.	PUNCT
ftr-312	517	1	see	see	VERB
ftr-312	517	2	bankman	bankman	NOUN
ftr-312	517	3	,	,	PUNCT
ftr-312	517	4	the	the	DET
ftr-312	517	5	structure	structure	NOUN
ftr-312	517	6	of	of	ADP
ftr-312	517	7	silicon	silicon	PROPN
ftr-312	517	8	valley	valley	PROPN
ftr-312	517	9	start	start	NOUN
ftr-312	517	10	-	-	PUNCT
ftr-312	517	11	ups	up	NOUN
ftr-312	517	12	,	,	PUNCT
ftr-312	517	13	supra	supra	PROPN
ftr-312	517	14	note	note	NOUN
ftr-312	517	15	4	4	NUM
ftr-312	517	16	,	,	PUNCT
ftr-312	517	17	at	at	ADP
ftr-312	517	18	1767–68	1767–68	NUM
ftr-312	517	19	(	(	PUNCT
ftr-312	517	20	considering	consider	VERB
ftr-312	517	21	venture	venture	NOUN
ftr-312	517	22	capitalists	capitalist	NOUN
ftr-312	517	23	’	'	PUNCT
ftr-312	517	24	collective	collective	ADJ
ftr-312	517	25	action	action	NOUN
ftr-312	517	26	problem	problem	NOUN
ftr-312	517	27	)	)	PUNCT
ftr-312	517	28	.	.	PUNCT
ftr-312	518	1	118	118	NUM
ftr-312	518	2	.	.	PUNCT
ftr-312	518	3	telephone	telephone	NOUN
ftr-312	518	4	interview	interview	NOUN
ftr-312	518	5	with	with	ADP
ftr-312	518	6	san	san	PROPN
ftr-312	518	7	francisco	francisco	PROPN
ftr-312	518	8	law	law	NOUN
ftr-312	518	9	firm	firm	NOUN
ftr-312	518	10	partner	partner	NOUN
ftr-312	518	11	(	(	PUNCT
ftr-312	518	12	jan	jan	PROPN
ftr-312	518	13	.	.	PROPN
ftr-312	518	14	28	28	NUM
ftr-312	518	15	,	,	PUNCT
ftr-312	518	16	2013	2013	NUM
ftr-312	518	17	)	)	PUNCT
ftr-312	518	18	.	.	PUNCT
ftr-312	519	1	119	119	NUM
ftr-312	519	2	.	.	PUNCT
ftr-312	519	3	telephone	telephone	NOUN
ftr-312	519	4	interview	interview	NOUN
ftr-312	519	5	with	with	ADP
ftr-312	519	6	san	san	PROPN
ftr-312	519	7	francisco	francisco	PROPN
ftr-312	519	8	law	law	NOUN
ftr-312	519	9	firm	firm	NOUN
ftr-312	519	10	partner	partner	NOUN
ftr-312	519	11	(	(	PUNCT
ftr-312	519	12	feb	feb	PROPN
ftr-312	519	13	.	.	PROPN
ftr-312	519	14	16	16	NUM
ftr-312	519	15	,	,	PUNCT
ftr-312	519	16	2013	2013	NUM
ftr-312	519	17	)	)	PUNCT
ftr-312	519	18	(	(	PUNCT
ftr-312	519	19	characterizing	characterize	VERB
ftr-312	519	20	the	the	DET
ftr-312	519	21	use	use	NOUN
ftr-312	519	22	of	of	ADP
ftr-312	519	23	an	an	DET
ftr-312	519	24	offshore	offshore	ADJ
ftr-312	519	25	intellectual	intellectual	ADJ
ftr-312	519	26	property	property	NOUN
ftr-312	519	27	holding	hold	VERB
ftr-312	519	28	company	company	NOUN
ftr-312	519	29	subsidiary	subsidiary	NOUN
ftr-312	519	30	as	as	ADP
ftr-312	519	31	“	"	PUNCT
ftr-312	519	32	very	very	ADV
ftr-312	519	33	expensive	expensive	ADJ
ftr-312	519	34	”	"	PUNCT
ftr-312	519	35	tax	tax	NOUN
ftr-312	519	36	planning	planning	NOUN
ftr-312	519	37	that	that	SCONJ
ftr-312	519	38	“	"	PUNCT
ftr-312	519	39	completely	completely	ADV
ftr-312	519	40	breaks	break	VERB
ftr-312	519	41	the	the	DET
ftr-312	519	42	idea	idea	NOUN
ftr-312	519	43	of	of	ADP
ftr-312	519	44	simplicity	simplicity	NOUN
ftr-312	519	45	”	"	PUNCT
ftr-312	519	46	)	)	PUNCT
ftr-312	519	47	;	;	PUNCT
ftr-312	519	48	telephone	telephone	NOUN
ftr-312	519	49	interview	interview	NOUN
ftr-312	519	50	with	with	ADP
ftr-312	519	51	silicon	silicon	PROPN
ftr-312	519	52	valley	valley	PROPN
ftr-312	519	53	entrepreneur	entrepreneur	NOUN
ftr-312	519	54	(	(	PUNCT
ftr-312	519	55	jan	jan	PROPN
ftr-312	519	56	.	.	PROPN
ftr-312	519	57	30	30	NUM
ftr-312	519	58	,	,	PUNCT
ftr-312	519	59	2013	2013	NUM
ftr-312	519	60	)	)	PUNCT
ftr-312	519	61	(	(	PUNCT
ftr-312	519	62	explaining	explain	VERB
ftr-312	519	63	that	that	SCONJ
ftr-312	519	64	setting	set	VERB
ftr-312	519	65	up	up	ADP
ftr-312	519	66	places	place	NOUN
ftr-312	519	67	of	of	ADP
ftr-312	519	68	business	business	NOUN
ftr-312	519	69	in	in	ADP
ftr-312	519	70	different	different	ADJ
ftr-312	519	71	global	global	ADJ
ftr-312	519	72	locations	location	NOUN
ftr-312	519	73	was	be	AUX
ftr-312	519	74	“	"	PUNCT
ftr-312	519	75	much	much	ADV
ftr-312	519	76	more	more	ADV
ftr-312	519	77	difficult	difficult	ADJ
ftr-312	519	78	than	than	SCONJ
ftr-312	519	79	we	we	PRON
ftr-312	519	80	anticipated	anticipate	VERB
ftr-312	519	81	,	,	PUNCT
ftr-312	519	82	”	"	PUNCT
ftr-312	519	83	due	due	ADP
ftr-312	519	84	to	to	ADP
ftr-312	519	85	issues	issue	NOUN
ftr-312	519	86	like	like	ADP
ftr-312	519	87	local	local	ADJ
ftr-312	519	88	bank	bank	NOUN
ftr-312	519	89	account	account	NOUN
ftr-312	519	90	and	and	CCONJ
ftr-312	519	91	office	office	NOUN
ftr-312	519	92	requirements	requirement	NOUN
ftr-312	519	93	)	)	PUNCT
ftr-312	519	94	.	.	PUNCT
ftr-312	520	1	120	120	NUM
ftr-312	520	2	.	.	X
ftr-312	521	1	legal	legal	ADJ
ftr-312	521	2	zoom	zoom	NOUN
ftr-312	521	3	provides	provide	VERB
ftr-312	521	4	a	a	DET
ftr-312	521	5	choice	choice	NOUN
ftr-312	521	6	among	among	ADP
ftr-312	521	7	the	the	DET
ftr-312	521	8	us	us	PROPN
ftr-312	521	9	states	state	NOUN
ftr-312	521	10	for	for	ADP
ftr-312	521	11	jurisdiction	jurisdiction	NOUN
ftr-312	521	12	of	of	ADP
ftr-312	521	13	organization	organization	NOUN
ftr-312	521	14	but	but	CCONJ
ftr-312	521	15	does	do	AUX
ftr-312	521	16	not	not	PART
ftr-312	521	17	mention	mention	VERB
ftr-312	521	18	the	the	DET
ftr-312	521	19	possibility	possibility	NOUN
ftr-312	521	20	of	of	ADP
ftr-312	521	21	offshore	offshore	ADJ
ftr-312	521	22	incorporation	incorporation	NOUN
ftr-312	521	23	.	.	PUNCT
ftr-312	522	1	see	see	VERB
ftr-312	522	2	legal	legal	ADJ
ftr-312	522	3	zoom	zoom	NOUN
ftr-312	522	4	,	,	PUNCT
ftr-312	522	5	http://www.legalzoom.com/	http://www.legalzoom.com/	NOUN
ftr-312	522	6	(	(	PUNCT
ftr-312	522	7	last	last	ADV
ftr-312	522	8	visited	visit	VERB
ftr-312	522	9	july	july	PROPN
ftr-312	522	10	11	11	NUM
ftr-312	522	11	,	,	PUNCT
ftr-312	522	12	2013	2013	NUM
ftr-312	522	13	)	)	PUNCT
ftr-312	522	14	.	.	PUNCT
ftr-312	523	1	2013	2013	NUM
ftr-312	523	2	]	]	PUNCT
ftr-312	523	3	tax	tax	NOUN
ftr-312	523	4	planning	planning	NOUN
ftr-312	523	5	and	and	CCONJ
ftr-312	523	6	initial	initial	ADJ
ftr-312	523	7	incorporation	incorporation	NOUN
ftr-312	523	8	location	location	NOUN
ftr-312	523	9	345	345	NUM
ftr-312	523	10	term	term	NOUN
ftr-312	523	11	sheet	sheet	NOUN
ftr-312	523	12	generators	generator	NOUN
ftr-312	523	13	supported	support	VERB
ftr-312	523	14	by	by	ADP
ftr-312	523	15	large	large	ADJ
ftr-312	523	16	silicon	silicon	NOUN
ftr-312	523	17	valley	valley	NOUN
ftr-312	523	18	law	law	NOUN
ftr-312	523	19	firms	firm	NOUN
ftr-312	523	20	assume	assume	VERB
ftr-312	523	21	a	a	DET
ftr-312	523	22	c	c	NOUN
ftr-312	523	23	corporation	corporation	NOUN
ftr-312	523	24	structure.121	structure.121	VERB
ftr-312	523	25	law	law	NOUN
ftr-312	523	26	firms	firm	NOUN
ftr-312	523	27	have	have	AUX
ftr-312	523	28	standardized	standardize	VERB
ftr-312	523	29	and	and	CCONJ
ftr-312	523	30	made	make	VERB
ftr-312	523	31	cost	cost	NOUN
ftr-312	523	32	-	-	PUNCT
ftr-312	523	33	effective	effective	ADJ
ftr-312	523	34	the	the	DET
ftr-312	523	35	formation	formation	NOUN
ftr-312	523	36	of	of	ADP
ftr-312	523	37	a	a	DET
ftr-312	523	38	startup	startup	NOUN
ftr-312	523	39	as	as	ADP
ftr-312	523	40	a	a	DET
ftr-312	523	41	delaware	delaware	PROPN
ftr-312	523	42	corporation	corporation	NOUN
ftr-312	523	43	.	.	PUNCT
ftr-312	524	1	more	more	ADJ
ftr-312	524	2	than	than	ADP
ftr-312	524	3	one	one	NUM
ftr-312	524	4	lawyer	lawyer	NOUN
ftr-312	524	5	put	put	VERB
ftr-312	524	6	the	the	DET
ftr-312	524	7	current	current	ADJ
ftr-312	524	8	cost	cost	NOUN
ftr-312	524	9	of	of	ADP
ftr-312	524	10	the	the	DET
ftr-312	524	11	“	"	PUNCT
ftr-312	524	12	thirty	thirty	NUM
ftr-312	524	13	-	-	PUNCT
ftr-312	524	14	plus	plus	CCONJ
ftr-312	524	15	”	"	PUNCT
ftr-312	524	16	documents	document	NOUN
ftr-312	524	17	needed	need	VERB
ftr-312	524	18	to	to	PART
ftr-312	524	19	form	form	VERB
ftr-312	524	20	a	a	DET
ftr-312	524	21	company	company	NOUN
ftr-312	524	22	,	,	PUNCT
ftr-312	524	23	ranging	range	VERB
ftr-312	524	24	from	from	ADP
ftr-312	524	25	articles	article	NOUN
ftr-312	524	26	of	of	ADP
ftr-312	524	27	incorporation	incorporation	NOUN
ftr-312	524	28	to	to	ADP
ftr-312	524	29	employee	employee	NOUN
ftr-312	524	30	option	option	NOUN
ftr-312	524	31	plans	plan	NOUN
ftr-312	524	32	,	,	PUNCT
ftr-312	524	33	at	at	ADP
ftr-312	524	34	$	$	SYM
ftr-312	524	35	2000-$3000.122	2000-$3000.122	NUM
ftr-312	524	36	uniform	uniform	ADJ
ftr-312	524	37	questionnaires	questionnaire	NOUN
ftr-312	524	38	facilitate	facilitate	VERB
ftr-312	524	39	the	the	DET
ftr-312	524	40	process	process	NOUN
ftr-312	524	41	,	,	PUNCT
ftr-312	524	42	as	as	SCONJ
ftr-312	524	43	do	do	AUX
ftr-312	524	44	,	,	PUNCT
ftr-312	524	45	at	at	ADP
ftr-312	524	46	least	least	ADJ
ftr-312	524	47	in	in	ADP
ftr-312	524	48	some	some	DET
ftr-312	524	49	cases	case	NOUN
ftr-312	524	50	,	,	PUNCT
ftr-312	524	51	law	law	NOUN
ftr-312	524	52	firm	firm	NOUN
ftr-312	524	53	outposts	outpost	NOUN
ftr-312	524	54	located	locate	VERB
ftr-312	524	55	in	in	ADP
ftr-312	524	56	low	low	ADJ
ftr-312	524	57	-	-	PUNCT
ftr-312	524	58	cost	cost	NOUN
ftr-312	524	59	locations.123	locations.123	NOUN
ftr-312	524	60	in	in	ADP
ftr-312	524	61	contrast	contrast	NOUN
ftr-312	524	62	,	,	PUNCT
ftr-312	524	63	documents	document	NOUN
ftr-312	524	64	for	for	ADP
ftr-312	524	65	a	a	DET
ftr-312	524	66	firm	firm	NOUN
ftr-312	524	67	that	that	PRON
ftr-312	524	68	organizes	organize	VERB
ftr-312	524	69	as	as	ADP
ftr-312	524	70	an	an	DET
ftr-312	524	71	llc	llc	NOUN
ftr-312	524	72	might	might	AUX
ftr-312	524	73	cost	cost	VERB
ftr-312	524	74	$	$	SYM
ftr-312	524	75	10,000	10,000	NUM
ftr-312	524	76	and	and	CCONJ
ftr-312	524	77	forming	form	VERB
ftr-312	524	78	a	a	DET
ftr-312	524	79	bermuda	bermuda	NOUN
ftr-312	524	80	corporation	corporation	NOUN
ftr-312	524	81	,	,	PUNCT
ftr-312	524	82	perhaps	perhaps	ADV
ftr-312	524	83	$	$	SYM
ftr-312	524	84	30,000.124	30,000.124	NUM
ftr-312	524	85	the	the	DET
ftr-312	524	86	dominance	dominance	NOUN
ftr-312	524	87	of	of	ADP
ftr-312	524	88	the	the	DET
ftr-312	524	89	delaware	delaware	PROPN
ftr-312	524	90	corporate	corporate	ADJ
ftr-312	524	91	form	form	NOUN
ftr-312	524	92	permits	permit	VERB
ftr-312	524	93	not	not	PART
ftr-312	524	94	only	only	ADV
ftr-312	524	95	upfront	upfront	ADJ
ftr-312	524	96	cost	cost	NOUN
ftr-312	524	97	savings	saving	NOUN
ftr-312	524	98	,	,	PUNCT
ftr-312	524	99	but	but	CCONJ
ftr-312	524	100	also	also	ADV
ftr-312	524	101	lower	low	ADJ
ftr-312	524	102	diligence	diligence	NOUN
ftr-312	524	103	costs	cost	NOUN
ftr-312	524	104	in	in	ADP
ftr-312	524	105	the	the	DET
ftr-312	524	106	event	event	NOUN
ftr-312	524	107	of	of	ADP
ftr-312	524	108	later	later	ADJ
ftr-312	524	109	transactions	transaction	NOUN
ftr-312	524	110	.	.	PUNCT
ftr-312	525	1	one	one	NUM
ftr-312	525	2	lawyer	lawyer	NOUN
ftr-312	525	3	explained	explain	VERB
ftr-312	525	4	the	the	DET
ftr-312	525	5	approach	approach	NOUN
ftr-312	525	6	of	of	ADP
ftr-312	525	7	organizing	organize	VERB
ftr-312	525	8	each	each	DET
ftr-312	525	9	startup	startup	NOUN
ftr-312	525	10	firm	firm	NOUN
ftr-312	525	11	with	with	ADP
ftr-312	525	12	the	the	DET
ftr-312	525	13	same	same	ADJ
ftr-312	525	14	number	number	NOUN
ftr-312	525	15	of	of	ADP
ftr-312	525	16	shares	share	NOUN
ftr-312	525	17	of	of	ADP
ftr-312	525	18	authorized	authorize	VERB
ftr-312	525	19	common	common	ADJ
ftr-312	525	20	stock	stock	NOUN
ftr-312	525	21	and	and	CCONJ
ftr-312	525	22	a	a	DET
ftr-312	525	23	similarly	similarly	ADV
ftr-312	525	24	sized	sized	ADJ
ftr-312	525	25	option	option	NOUN
ftr-312	525	26	pool	pool	NOUN
ftr-312	525	27	.	.	PUNCT
ftr-312	526	1	the	the	DET
ftr-312	526	2	uniform	uniform	ADJ
ftr-312	526	3	approach	approach	NOUN
ftr-312	526	4	permitted	permit	VERB
ftr-312	526	5	the	the	DET
ftr-312	526	6	easy	easy	ADJ
ftr-312	526	7	conversion	conversion	NOUN
ftr-312	526	8	of	of	ADP
ftr-312	526	9	financing	financing	NOUN
ftr-312	526	10	terms	term	NOUN
ftr-312	526	11	to	to	ADP
ftr-312	526	12	a	a	DET
ftr-312	526	13	preferred	prefer	VERB
ftr-312	526	14	stock	stock	NOUN
ftr-312	526	15	price	price	NOUN
ftr-312	526	16	,	,	PUNCT
ftr-312	526	17	and	and	CCONJ
ftr-312	526	18	the	the	DET
ftr-312	526	19	expression	expression	NOUN
ftr-312	526	20	of	of	ADP
ftr-312	526	21	most	most	ADJ
ftr-312	526	22	preferred	preferred	ADJ
ftr-312	526	23	stock	stock	NOUN
ftr-312	526	24	pricing	pricing	NOUN
ftr-312	526	25	as	as	ADP
ftr-312	526	26	a	a	DET
ftr-312	526	27	figure	figure	NOUN
ftr-312	526	28	in	in	ADP
ftr-312	526	29	the	the	DET
ftr-312	526	30	range	range	NOUN
ftr-312	526	31	of	of	ADP
ftr-312	526	32	twenty	twenty	NUM
ftr-312	526	33	-	-	PUNCT
ftr-312	526	34	five	five	NUM
ftr-312	526	35	cents	cent	NOUN
ftr-312	526	36	to	to	ADP
ftr-312	526	37	one	one	NUM
ftr-312	526	38	dollar	dollar	NOUN
ftr-312	526	39	for	for	ADP
ftr-312	526	40	each	each	DET
ftr-312	526	41	share	share	NOUN
ftr-312	526	42	of	of	ADP
ftr-312	526	43	preferred	preferred	ADJ
ftr-312	526	44	stock	stock	NOUN
ftr-312	526	45	.	.	PUNCT
ftr-312	527	1	since	since	SCONJ
ftr-312	527	2	this	this	DET
ftr-312	527	3	approach	approach	NOUN
ftr-312	527	4	is	be	AUX
ftr-312	527	5	similar	similar	ADJ
ftr-312	527	6	to	to	ADP
ftr-312	527	7	other	other	ADJ
ftr-312	527	8	firms	firm	NOUN
ftr-312	527	9	’	'	PUNCT
ftr-312	527	10	approach	approach	NOUN
ftr-312	527	11	,	,	PUNCT
ftr-312	527	12	it	it	PRON
ftr-312	527	13	makes	make	VERB
ftr-312	527	14	negotiating	negotiate	VERB
ftr-312	527	15	more	more	ADV
ftr-312	527	16	straightforward	straightforward	ADJ
ftr-312	527	17	and	and	CCONJ
ftr-312	527	18	diligence	diligence	NOUN
ftr-312	527	19	less	less	ADV
ftr-312	527	20	expensive.125	expensive.125	NUM
ftr-312	527	21	a	a	DET
ftr-312	527	22	cost	cost	NOUN
ftr-312	527	23	difference	difference	NOUN
ftr-312	527	24	in	in	ADP
ftr-312	527	25	the	the	DET
ftr-312	527	26	thousands	thousand	NOUN
ftr-312	527	27	of	of	ADP
ftr-312	527	28	dollars	dollar	NOUN
ftr-312	527	29	may	may	AUX
ftr-312	527	30	seem	seem	VERB
ftr-312	527	31	an	an	DET
ftr-312	527	32	insufficient	insufficient	ADJ
ftr-312	527	33	reason	reason	NOUN
ftr-312	527	34	to	to	PART
ftr-312	527	35	choose	choose	VERB
ftr-312	527	36	one	one	NUM
ftr-312	527	37	organizational	organizational	ADJ
ftr-312	527	38	approach	approach	NOUN
ftr-312	527	39	over	over	ADP
ftr-312	527	40	another	another	PRON
ftr-312	527	41	for	for	ADP
ftr-312	527	42	a	a	DET
ftr-312	527	43	corporation	corporation	NOUN
ftr-312	527	44	that	that	PRON
ftr-312	527	45	might	might	AUX
ftr-312	527	46	be	be	AUX
ftr-312	527	47	worth	worth	ADJ
ftr-312	527	48	billions	billion	NOUN
ftr-312	527	49	of	of	ADP
ftr-312	527	50	dollars	dollar	NOUN
ftr-312	527	51	someday	someday	ADV
ftr-312	527	52	.	.	PUNCT
ftr-312	528	1	yet	yet	CCONJ
ftr-312	528	2	this	this	DET
ftr-312	528	3	cost	cost	NOUN
ftr-312	528	4	differential	differential	NOUN
ftr-312	528	5	is	be	AUX
ftr-312	528	6	important	important	ADJ
ftr-312	528	7	for	for	ADP
ftr-312	528	8	a	a	DET
ftr-312	528	9	startup	startup	NOUN
ftr-312	528	10	firm	firm	NOUN
ftr-312	528	11	that	that	PRON
ftr-312	528	12	makes	make	VERB
ftr-312	528	13	its	its	PRON
ftr-312	528	14	organizational	organizational	ADJ
ftr-312	528	15	decision	decision	NOUN
ftr-312	528	16	before	before	SCONJ
ftr-312	528	17	it	it	PRON
ftr-312	528	18	obtains	obtain	VERB
ftr-312	528	19	outside	outside	ADP
ftr-312	528	20	financing	financing	NOUN
ftr-312	528	21	.	.	PUNCT
ftr-312	529	1	for	for	ADP
ftr-312	529	2	example	example	NOUN
ftr-312	529	3	,	,	PUNCT
ftr-312	529	4	it	it	PRON
ftr-312	529	5	may	may	AUX
ftr-312	529	6	make	make	VERB
ftr-312	529	7	the	the	DET
ftr-312	529	8	decision	decision	NOUN
ftr-312	529	9	in	in	ADP
ftr-312	529	10	connection	connection	NOUN
ftr-312	529	11	with	with	ADP
ftr-312	529	12	a	a	DET
ftr-312	529	13	preliminary	preliminary	ADJ
ftr-312	529	14	round	round	NOUN
ftr-312	529	15	of	of	ADP
ftr-312	529	16	financing	financing	NOUN
ftr-312	529	17	in	in	ADP
ftr-312	529	18	which	which	PRON
ftr-312	529	19	it	it	PRON
ftr-312	529	20	seeks	seek	VERB
ftr-312	529	21	smaller	small	ADJ
ftr-312	529	22	investments	investment	NOUN
ftr-312	529	23	from	from	ADP
ftr-312	529	24	friends	friend	NOUN
ftr-312	529	25	and	and	CCONJ
ftr-312	529	26	family	family	NOUN
ftr-312	529	27	or	or	CCONJ
ftr-312	529	28	from	from	ADP
ftr-312	529	29	angel	angel	NOUN
ftr-312	529	30	investors	investor	NOUN
ftr-312	529	31	.	.	PUNCT
ftr-312	530	1	startups	startup	NOUN
ftr-312	530	2	may	may	AUX
ftr-312	530	3	also	also	ADV
ftr-312	530	4	begin	begin	VERB
ftr-312	530	5	work	work	NOUN
ftr-312	530	6	on	on	ADP
ftr-312	530	7	their	their	PRON
ftr-312	530	8	business	business	NOUN
ftr-312	530	9	plan	plan	NOUN
ftr-312	530	10	without	without	ADP
ftr-312	530	11	significant	significant	ADJ
ftr-312	530	12	121	121	NUM
ftr-312	530	13	.	.	PUNCT
ftr-312	531	1	for	for	ADP
ftr-312	531	2	example	example	NOUN
ftr-312	531	3	,	,	PUNCT
ftr-312	531	4	the	the	DET
ftr-312	531	5	“	"	PUNCT
ftr-312	531	6	series	series	NOUN
ftr-312	531	7	seed	seed	NOUN
ftr-312	531	8	”	"	PUNCT
ftr-312	531	9	documents	document	NOUN
ftr-312	531	10	developed	develop	VERB
ftr-312	531	11	by	by	ADP
ftr-312	531	12	a	a	DET
ftr-312	531	13	fenwick	fenwick	PROPN
ftr-312	531	14	&	&	CCONJ
ftr-312	531	15	west	west	PROPN
ftr-312	531	16	lawyer	lawyer	PROPN
ftr-312	531	17	assume	assume	VERB
ftr-312	531	18	a	a	DET
ftr-312	531	19	delaware	delaware	PROPN
ftr-312	531	20	corporation	corporation	PROPN
ftr-312	531	21	.	.	PUNCT
ftr-312	532	1	see	see	VERB
ftr-312	532	2	series	series	NOUN
ftr-312	532	3	seed	seed	NOUN
ftr-312	532	4	financing	financing	NOUN
ftr-312	532	5	documents	document	NOUN
ftr-312	532	6	,	,	PUNCT
ftr-312	532	7	http://www.seriesseed.com/posts/documents.html	http://www.seriesseed.com/posts/documents.html	PROPN
ftr-312	532	8	(	(	PUNCT
ftr-312	532	9	last	last	ADV
ftr-312	532	10	visited	visit	VERB
ftr-312	532	11	july	july	PROPN
ftr-312	532	12	11	11	NUM
ftr-312	532	13	,	,	PUNCT
ftr-312	532	14	2013	2013	NUM
ftr-312	532	15	)	)	PUNCT
ftr-312	532	16	.	.	PUNCT
ftr-312	533	1	see	see	VERB
ftr-312	533	2	also	also	ADV
ftr-312	533	3	wilson	wilson	PROPN
ftr-312	533	4	sonsini	sonsini	PROPN
ftr-312	533	5	,	,	PUNCT
ftr-312	533	6	term	term	NOUN
ftr-312	533	7	sheet	sheet	NOUN
ftr-312	533	8	generator	generator	PROPN
ftr-312	533	9	,	,	PUNCT
ftr-312	534	1	http://www.wsgr.com/	http://www.wsgr.com/	PROPN
ftr-312	534	2	wsgr	wsgr	PROPN
ftr-312	534	3	/	/	SYM
ftr-312	534	4	display.aspx?sectionname	display.aspx?sectionname	NOUN
ftr-312	534	5	=	=	NOUN
ftr-312	534	6	practice	practice	NOUN
ftr-312	534	7	/	/	SYM
ftr-312	535	1	termsheet.htm	termsheet.htm	PRON
ftr-312	535	2	(	(	PUNCT
ftr-312	535	3	last	last	ADV
ftr-312	535	4	visited	visit	VERB
ftr-312	535	5	july	july	PROPN
ftr-312	535	6	11	11	NUM
ftr-312	535	7	,	,	PUNCT
ftr-312	535	8	2013	2013	NUM
ftr-312	535	9	)	)	PUNCT
ftr-312	535	10	(	(	PUNCT
ftr-312	535	11	giving	give	VERB
ftr-312	535	12	jurisdiction	jurisdiction	NOUN
ftr-312	535	13	options	option	NOUN
ftr-312	535	14	of	of	ADP
ftr-312	535	15	delaware	delaware	PROPN
ftr-312	535	16	,	,	PUNCT
ftr-312	535	17	california	california	PROPN
ftr-312	535	18	or	or	CCONJ
ftr-312	535	19	“	"	PUNCT
ftr-312	535	20	other	other	ADJ
ftr-312	535	21	”	"	PUNCT
ftr-312	535	22	and	and	CCONJ
ftr-312	535	23	assuming	assume	VERB
ftr-312	535	24	as	as	ADP
ftr-312	535	25	the	the	DET
ftr-312	535	26	next	next	ADJ
ftr-312	535	27	step	step	NOUN
ftr-312	535	28	the	the	DET
ftr-312	535	29	issuance	issuance	NOUN
ftr-312	535	30	of	of	ADP
ftr-312	535	31	preferred	preferred	ADJ
ftr-312	535	32	stock	stock	NOUN
ftr-312	535	33	)	)	PUNCT
ftr-312	535	34	.	.	PUNCT
ftr-312	536	1	122	122	NUM
ftr-312	536	2	.	.	PUNCT
ftr-312	536	3	telephone	telephone	NOUN
ftr-312	536	4	interview	interview	NOUN
ftr-312	536	5	with	with	ADP
ftr-312	536	6	san	san	PROPN
ftr-312	536	7	francisco	francisco	PROPN
ftr-312	536	8	law	law	NOUN
ftr-312	536	9	firm	firm	NOUN
ftr-312	536	10	partner	partner	NOUN
ftr-312	536	11	(	(	PUNCT
ftr-312	536	12	feb	feb	PROPN
ftr-312	536	13	.	.	PROPN
ftr-312	536	14	16	16	NUM
ftr-312	536	15	,	,	PUNCT
ftr-312	536	16	2013	2013	NUM
ftr-312	536	17	)	)	PUNCT
ftr-312	536	18	;	;	PUNCT
ftr-312	536	19	see	see	VERB
ftr-312	536	20	also	also	ADV
ftr-312	536	21	telephone	telephone	NOUN
ftr-312	536	22	interview	interview	NOUN
ftr-312	536	23	with	with	ADP
ftr-312	536	24	silicon	silicon	NOUN
ftr-312	536	25	valley	valley	PROPN
ftr-312	536	26	law	law	PROPN
ftr-312	536	27	firm	firm	NOUN
ftr-312	536	28	partner	partner	NOUN
ftr-312	536	29	(	(	PUNCT
ftr-312	536	30	feb	feb	PROPN
ftr-312	536	31	.	.	PROPN
ftr-312	536	32	4	4	NUM
ftr-312	536	33	,	,	PUNCT
ftr-312	536	34	2013	2013	NUM
ftr-312	536	35	)	)	PUNCT
ftr-312	536	36	.	.	PUNCT
ftr-312	537	1	123	123	NUM
ftr-312	537	2	.	.	PUNCT
ftr-312	538	1	telephone	telephone	NOUN
ftr-312	538	2	interview	interview	NOUN
ftr-312	538	3	with	with	ADP
ftr-312	538	4	san	san	PROPN
ftr-312	538	5	francisco	francisco	PROPN
ftr-312	538	6	law	law	NOUN
ftr-312	538	7	firm	firm	NOUN
ftr-312	538	8	partner	partner	NOUN
ftr-312	538	9	(	(	PUNCT
ftr-312	538	10	feb	feb	PROPN
ftr-312	538	11	.	.	PROPN
ftr-312	538	12	16	16	NUM
ftr-312	538	13	,	,	PUNCT
ftr-312	538	14	2013	2013	NUM
ftr-312	538	15	)	)	PUNCT
ftr-312	538	16	.	.	PUNCT
ftr-312	539	1	124	124	NUM
ftr-312	539	2	.	.	PUNCT
ftr-312	540	1	telephone	telephone	NOUN
ftr-312	540	2	interview	interview	NOUN
ftr-312	540	3	with	with	ADP
ftr-312	540	4	silicon	silicon	NOUN
ftr-312	540	5	valley	valley	PROPN
ftr-312	540	6	law	law	PROPN
ftr-312	540	7	firm	firm	NOUN
ftr-312	540	8	partner	partner	NOUN
ftr-312	540	9	(	(	PUNCT
ftr-312	540	10	feb	feb	PROPN
ftr-312	540	11	.	.	PROPN
ftr-312	540	12	4	4	NUM
ftr-312	540	13	,	,	PUNCT
ftr-312	540	14	2013	2013	NUM
ftr-312	540	15	)	)	PUNCT
ftr-312	540	16	.	.	PUNCT
ftr-312	541	1	125	125	NUM
ftr-312	541	2	.	.	PUNCT
ftr-312	541	3	telephone	telephone	NOUN
ftr-312	541	4	interview	interview	NOUN
ftr-312	541	5	with	with	ADP
ftr-312	541	6	silicon	silicon	NOUN
ftr-312	541	7	valley	valley	PROPN
ftr-312	541	8	law	law	PROPN
ftr-312	541	9	firm	firm	NOUN
ftr-312	541	10	partner	partner	NOUN
ftr-312	541	11	(	(	PUNCT
ftr-312	541	12	feb	feb	PROPN
ftr-312	541	13	.	.	PROPN
ftr-312	541	14	4	4	NUM
ftr-312	541	15	,	,	PUNCT
ftr-312	541	16	2013	2013	NUM
ftr-312	541	17	)	)	PUNCT
ftr-312	541	18	.	.	PUNCT
ftr-312	542	1	346	346	NUM
ftr-312	542	2	florida	florida	PROPN
ftr-312	542	3	tax	tax	NOUN
ftr-312	542	4	review	review	NOUN
ftr-312	542	5	[	[	X
ftr-312	542	6	vol	vol	NOUN
ftr-312	542	7	.	.	PUNCT
ftr-312	543	1	14:8	14:8	NUM
ftr-312	543	2	venture	venture	NOUN
ftr-312	543	3	capital	capital	NOUN
ftr-312	543	4	financing	financing	NOUN
ftr-312	543	5	in	in	ADP
ftr-312	543	6	particular	particular	ADJ
ftr-312	543	7	in	in	ADP
ftr-312	543	8	areas	area	NOUN
ftr-312	543	9	that	that	PRON
ftr-312	543	10	require	require	VERB
ftr-312	543	11	little	little	ADJ
ftr-312	543	12	capital	capital	NOUN
ftr-312	543	13	investment	investment	NOUN
ftr-312	543	14	,	,	PUNCT
ftr-312	543	15	such	such	ADJ
ftr-312	543	16	as	as	ADP
ftr-312	543	17	the	the	DET
ftr-312	543	18	development	development	NOUN
ftr-312	543	19	of	of	ADP
ftr-312	543	20	mobile	mobile	ADJ
ftr-312	543	21	or	or	CCONJ
ftr-312	543	22	cloud	cloud	NOUN
ftr-312	543	23	software	software	NOUN
ftr-312	543	24	applications.126	applications.126	VERB
ftr-312	543	25	in	in	ADP
ftr-312	543	26	some	some	DET
ftr-312	543	27	cases	case	NOUN
ftr-312	543	28	,	,	PUNCT
ftr-312	543	29	law	law	NOUN
ftr-312	543	30	firms	firm	NOUN
ftr-312	543	31	’	'	PUNCT
ftr-312	543	32	willingness	willingness	NOUN
ftr-312	543	33	to	to	PART
ftr-312	543	34	defer	defer	VERB
ftr-312	543	35	startups	startup	NOUN
ftr-312	543	36	’	'	PUNCT
ftr-312	543	37	obligation	obligation	NOUN
ftr-312	543	38	to	to	PART
ftr-312	543	39	pay	pay	VERB
ftr-312	543	40	legal	legal	ADJ
ftr-312	543	41	fees	fee	NOUN
ftr-312	543	42	contributes	contribute	VERB
ftr-312	543	43	to	to	ADP
ftr-312	543	44	lawyers	lawyer	NOUN
ftr-312	543	45	’	'	PUNCT
ftr-312	543	46	reluctance	reluctance	NOUN
ftr-312	543	47	to	to	PART
ftr-312	543	48	recommend	recommend	VERB
ftr-312	543	49	“	"	PUNCT
ftr-312	543	50	exotic	exotic	ADJ
ftr-312	543	51	”	"	PUNCT
ftr-312	543	52	structures.127	structures.127	NOUN
ftr-312	543	53	the	the	DET
ftr-312	543	54	fee	fee	NOUN
ftr-312	543	55	deferral	deferral	ADJ
ftr-312	543	56	limit	limit	NOUN
ftr-312	543	57	might	might	AUX
ftr-312	543	58	range	range	VERB
ftr-312	543	59	from	from	ADP
ftr-312	543	60	$	$	SYM
ftr-312	543	61	15,000128	15,000128	NUM
ftr-312	543	62	to	to	ADP
ftr-312	543	63	$	$	SYM
ftr-312	543	64	25,000129	25,000129	NUM
ftr-312	543	65	and	and	CCONJ
ftr-312	543	66	accordingly	accordingly	ADV
ftr-312	543	67	will	will	AUX
ftr-312	543	68	not	not	PART
ftr-312	543	69	cover	cover	VERB
ftr-312	543	70	the	the	DET
ftr-312	543	71	expense	expense	NOUN
ftr-312	543	72	of	of	ADP
ftr-312	543	73	offshore	offshore	ADJ
ftr-312	543	74	incorporation	incorporation	NOUN
ftr-312	543	75	.	.	PUNCT
ftr-312	544	1	the	the	DET
ftr-312	544	2	limit	limit	NOUN
ftr-312	544	3	puts	put	VERB
ftr-312	544	4	the	the	DET
ftr-312	544	5	attorneys	attorney	NOUN
ftr-312	544	6	at	at	ADP
ftr-312	544	7	risk	risk	NOUN
ftr-312	544	8	for	for	ADP
ftr-312	544	9	the	the	DET
ftr-312	544	10	amount	amount	NOUN
ftr-312	544	11	of	of	ADP
ftr-312	544	12	the	the	DET
ftr-312	544	13	deferred	defer	VERB
ftr-312	544	14	fees	fee	NOUN
ftr-312	544	15	in	in	ADP
ftr-312	544	16	the	the	DET
ftr-312	544	17	event	event	NOUN
ftr-312	544	18	the	the	DET
ftr-312	544	19	startup	startup	NOUN
ftr-312	544	20	fails	fail	VERB
ftr-312	544	21	to	to	PART
ftr-312	544	22	achieve	achieve	VERB
ftr-312	544	23	financing	financing	NOUN
ftr-312	544	24	,	,	PUNCT
ftr-312	544	25	and	and	CCONJ
ftr-312	544	26	lawyers	lawyer	NOUN
ftr-312	544	27	may	may	AUX
ftr-312	544	28	not	not	PART
ftr-312	544	29	consider	consider	VERB
ftr-312	544	30	the	the	DET
ftr-312	544	31	investment	investment	NOUN
ftr-312	544	32	worthwhile	worthwhile	ADJ
ftr-312	544	33	.	.	PUNCT
ftr-312	545	1	one	one	NUM
ftr-312	545	2	lawyer	lawyer	NOUN
ftr-312	545	3	said	say	VERB
ftr-312	545	4	that	that	SCONJ
ftr-312	545	5	he	he	PRON
ftr-312	545	6	would	would	AUX
ftr-312	545	7	be	be	AUX
ftr-312	545	8	happy	happy	ADJ
ftr-312	545	9	to	to	PART
ftr-312	545	10	implement	implement	VERB
ftr-312	545	11	a	a	DET
ftr-312	545	12	complex	complex	ADJ
ftr-312	545	13	structure	structure	NOUN
ftr-312	545	14	if	if	SCONJ
ftr-312	545	15	he	he	PRON
ftr-312	545	16	were	be	AUX
ftr-312	545	17	paid	pay	VERB
ftr-312	545	18	“	"	PUNCT
ftr-312	545	19	full	full	ADJ
ftr-312	545	20	freight	freight	NOUN
ftr-312	545	21	,	,	PUNCT
ftr-312	545	22	”	"	PUNCT
ftr-312	545	23	but	but	CCONJ
ftr-312	545	24	not	not	PART
ftr-312	545	25	“	"	PUNCT
ftr-312	545	26	on	on	ADP
ftr-312	545	27	a	a	DET
ftr-312	545	28	deferred	deferred	ADJ
ftr-312	545	29	fee	fee	NOUN
ftr-312	545	30	basis	basis	NOUN
ftr-312	545	31	.	.	PUNCT
ftr-312	545	32	”130	”130	X
ftr-312	546	1	the	the	DET
ftr-312	546	2	reluctance	reluctance	NOUN
ftr-312	546	3	to	to	PART
ftr-312	546	4	spend	spend	VERB
ftr-312	546	5	resources	resource	NOUN
ftr-312	546	6	on	on	ADP
ftr-312	546	7	a	a	DET
ftr-312	546	8	nonstandard	nonstandard	ADJ
ftr-312	546	9	corporate	corporate	ADJ
ftr-312	546	10	structure	structure	NOUN
ftr-312	546	11	is	be	AUX
ftr-312	546	12	consistent	consistent	ADJ
ftr-312	546	13	with	with	ADP
ftr-312	546	14	the	the	DET
ftr-312	546	15	view	view	NOUN
ftr-312	546	16	that	that	SCONJ
ftr-312	546	17	venture	venture	NOUN
ftr-312	546	18	capital	capital	NOUN
ftr-312	546	19	firms	firm	NOUN
ftr-312	546	20	do	do	AUX
ftr-312	546	21	not	not	PART
ftr-312	546	22	place	place	VERB
ftr-312	546	23	any	any	DET
ftr-312	546	24	value	value	NOUN
ftr-312	546	25	on	on	ADP
ftr-312	546	26	such	such	DET
ftr-312	546	27	a	a	DET
ftr-312	546	28	structure	structure	NOUN
ftr-312	546	29	.	.	PUNCT
ftr-312	547	1	prior	prior	ADJ
ftr-312	547	2	research	research	NOUN
ftr-312	547	3	suggests	suggest	VERB
ftr-312	547	4	that	that	SCONJ
ftr-312	547	5	venture	venture	NOUN
ftr-312	547	6	capitalists	capitalist	NOUN
ftr-312	547	7	insist	insist	VERB
ftr-312	547	8	on	on	ADP
ftr-312	547	9	a	a	DET
ftr-312	547	10	delaware	delaware	PROPN
ftr-312	547	11	corporate	corporate	ADJ
ftr-312	547	12	structure	structure	NOUN
ftr-312	547	13	for	for	ADP
ftr-312	547	14	their	their	PRON
ftr-312	547	15	portfolio	portfolio	NOUN
ftr-312	547	16	companies.131	companies.131	VERB
ftr-312	547	17	however	however	ADV
ftr-312	547	18	,	,	PUNCT
ftr-312	547	19	three	three	NUM
ftr-312	547	20	venture	venture	NOUN
ftr-312	547	21	capitalists	capitalist	NOUN
ftr-312	547	22	informally	informally	ADV
ftr-312	547	23	interviewed	interview	VERB
ftr-312	547	24	did	do	AUX
ftr-312	547	25	not	not	PART
ftr-312	547	26	go	go	VERB
ftr-312	547	27	so	so	ADV
ftr-312	547	28	far	far	ADV
ftr-312	547	29	and	and	CCONJ
ftr-312	547	30	instead	instead	ADV
ftr-312	547	31	denied	deny	VERB
ftr-312	547	32	that	that	SCONJ
ftr-312	547	33	they	they	PRON
ftr-312	547	34	filtered	filter	VERB
ftr-312	547	35	out	out	ADP
ftr-312	547	36	corporations	corporation	NOUN
ftr-312	547	37	that	that	PRON
ftr-312	547	38	were	be	AUX
ftr-312	547	39	organized	organize	VERB
ftr-312	547	40	as	as	ADP
ftr-312	547	41	other	other	ADJ
ftr-312	547	42	than	than	ADP
ftr-312	547	43	delaware	delaware	PROPN
ftr-312	547	44	corporations	corporation	NOUN
ftr-312	547	45	.	.	PUNCT
ftr-312	548	1	the	the	DET
ftr-312	548	2	investors	investor	NOUN
ftr-312	548	3	generally	generally	ADV
ftr-312	548	4	acknowledged	acknowledge	VERB
ftr-312	548	5	126	126	NUM
ftr-312	548	6	.	.	PUNCT
ftr-312	549	1	telephone	telephone	NOUN
ftr-312	549	2	interview	interview	NOUN
ftr-312	549	3	with	with	ADP
ftr-312	549	4	silicon	silicon	NOUN
ftr-312	549	5	valley	valley	PROPN
ftr-312	549	6	law	law	PROPN
ftr-312	549	7	firm	firm	NOUN
ftr-312	549	8	partner	partner	NOUN
ftr-312	549	9	(	(	PUNCT
ftr-312	549	10	jan	jan	PROPN
ftr-312	549	11	.	.	PROPN
ftr-312	549	12	28	28	NUM
ftr-312	549	13	,	,	PUNCT
ftr-312	549	14	2013	2013	NUM
ftr-312	549	15	)	)	PUNCT
ftr-312	549	16	(	(	PUNCT
ftr-312	549	17	noting	note	VERB
ftr-312	549	18	the	the	DET
ftr-312	549	19	emergence	emergence	NOUN
ftr-312	549	20	of	of	ADP
ftr-312	549	21	low	low	ADJ
ftr-312	549	22	-	-	PUNCT
ftr-312	549	23	capital	capital	NOUN
ftr-312	549	24	business	business	NOUN
ftr-312	549	25	models	model	NOUN
ftr-312	549	26	)	)	PUNCT
ftr-312	549	27	.	.	PUNCT
ftr-312	550	1	127	127	NUM
ftr-312	550	2	.	.	PUNCT
ftr-312	551	1	telephone	telephone	NOUN
ftr-312	551	2	interview	interview	NOUN
ftr-312	551	3	with	with	ADP
ftr-312	551	4	silicon	silicon	NOUN
ftr-312	551	5	valley	valley	PROPN
ftr-312	551	6	law	law	PROPN
ftr-312	551	7	firm	firm	NOUN
ftr-312	551	8	partner	partner	NOUN
ftr-312	551	9	(	(	PUNCT
ftr-312	551	10	feb	feb	PROPN
ftr-312	551	11	.	.	PROPN
ftr-312	551	12	27	27	NUM
ftr-312	551	13	,	,	PUNCT
ftr-312	551	14	2013	2013	NUM
ftr-312	551	15	)	)	PUNCT
ftr-312	551	16	.	.	PUNCT
ftr-312	552	1	128	128	NUM
ftr-312	552	2	.	.	PUNCT
ftr-312	553	1	telephone	telephone	NOUN
ftr-312	553	2	interview	interview	NOUN
ftr-312	553	3	with	with	ADP
ftr-312	553	4	silicon	silicon	NOUN
ftr-312	553	5	valley	valley	PROPN
ftr-312	553	6	law	law	PROPN
ftr-312	553	7	firm	firm	NOUN
ftr-312	553	8	partner	partner	NOUN
ftr-312	553	9	(	(	PUNCT
ftr-312	553	10	feb	feb	PROPN
ftr-312	553	11	.	.	PROPN
ftr-312	553	12	27	27	NUM
ftr-312	553	13	,	,	PUNCT
ftr-312	553	14	2013	2013	NUM
ftr-312	553	15	)	)	PUNCT
ftr-312	553	16	.	.	PUNCT
ftr-312	554	1	129	129	NUM
ftr-312	554	2	.	.	PUNCT
ftr-312	555	1	telephone	telephone	NOUN
ftr-312	555	2	interview	interview	NOUN
ftr-312	555	3	with	with	ADP
ftr-312	555	4	silicon	silicon	NOUN
ftr-312	555	5	valley	valley	PROPN
ftr-312	555	6	law	law	PROPN
ftr-312	555	7	firm	firm	NOUN
ftr-312	555	8	partner	partner	NOUN
ftr-312	555	9	(	(	PUNCT
ftr-312	555	10	feb	feb	PROPN
ftr-312	555	11	.	.	PROPN
ftr-312	555	12	4	4	NUM
ftr-312	555	13	,	,	PUNCT
ftr-312	555	14	2013	2013	NUM
ftr-312	555	15	)	)	PUNCT
ftr-312	555	16	.	.	PUNCT
ftr-312	556	1	130	130	NUM
ftr-312	556	2	.	.	PUNCT
ftr-312	557	1	telephone	telephone	NOUN
ftr-312	557	2	interview	interview	NOUN
ftr-312	557	3	with	with	ADP
ftr-312	557	4	san	san	PROPN
ftr-312	557	5	francisco	francisco	PROPN
ftr-312	557	6	law	law	NOUN
ftr-312	557	7	firm	firm	NOUN
ftr-312	557	8	partner	partner	NOUN
ftr-312	557	9	(	(	PUNCT
ftr-312	557	10	feb	feb	PROPN
ftr-312	557	11	.	.	PROPN
ftr-312	557	12	16	16	NUM
ftr-312	557	13	,	,	PUNCT
ftr-312	557	14	2013	2013	NUM
ftr-312	557	15	)	)	PUNCT
ftr-312	557	16	.	.	PUNCT
ftr-312	558	1	131	131	X
ftr-312	558	2	.	.	PUNCT
ftr-312	559	1	see	see	VERB
ftr-312	559	2	bankman	bankman	NOUN
ftr-312	559	3	,	,	PUNCT
ftr-312	559	4	the	the	DET
ftr-312	559	5	structure	structure	NOUN
ftr-312	559	6	of	of	ADP
ftr-312	559	7	silicon	silicon	PROPN
ftr-312	559	8	valley	valley	PROPN
ftr-312	559	9	start	start	NOUN
ftr-312	559	10	-	-	PUNCT
ftr-312	559	11	ups	up	NOUN
ftr-312	559	12	,	,	PUNCT
ftr-312	559	13	supra	supra	PROPN
ftr-312	559	14	note	note	NOUN
ftr-312	559	15	4	4	NUM
ftr-312	559	16	,	,	PUNCT
ftr-312	559	17	at	at	ADP
ftr-312	559	18	1767–68	1767–68	NUM
ftr-312	559	19	(	(	PUNCT
ftr-312	559	20	attributing	attribute	VERB
ftr-312	559	21	corporate	corporate	ADJ
ftr-312	559	22	structure	structure	NOUN
ftr-312	559	23	decisions	decision	NOUN
ftr-312	559	24	to	to	PART
ftr-312	559	25	venture	venture	VERB
ftr-312	559	26	capitalists	capitalist	NOUN
ftr-312	559	27	)	)	PUNCT
ftr-312	559	28	;	;	PUNCT
ftr-312	559	29	gilson	gilson	PROPN
ftr-312	559	30	,	,	PUNCT
ftr-312	559	31	engineering	engineer	VERB
ftr-312	559	32	a	a	DET
ftr-312	559	33	venture	venture	NOUN
ftr-312	559	34	capital	capital	NOUN
ftr-312	559	35	market	market	NOUN
ftr-312	559	36	,	,	PUNCT
ftr-312	559	37	supra	supra	PROPN
ftr-312	559	38	note	note	PROPN
ftr-312	559	39	35	35	NUM
ftr-312	559	40	(	(	PUNCT
ftr-312	559	41	same	same	ADJ
ftr-312	559	42	)	)	PUNCT
ftr-312	559	43	;	;	PUNCT
ftr-312	560	1	johnson	johnson	PROPN
ftr-312	560	2	,	,	PUNCT
ftr-312	560	3	why	why	SCONJ
ftr-312	560	4	do	do	AUX
ftr-312	560	5	venture	venture	NOUN
ftr-312	560	6	capital	capital	NOUN
ftr-312	560	7	funds	fund	NOUN
ftr-312	560	8	burn	burn	VERB
ftr-312	560	9	research	research	NOUN
ftr-312	560	10	and	and	CCONJ
ftr-312	560	11	development	development	NOUN
ftr-312	560	12	deductions	deduction	NOUN
ftr-312	560	13	,	,	PUNCT
ftr-312	560	14	supra	supra	PROPN
ftr-312	560	15	note	note	NOUN
ftr-312	560	16	4	4	NUM
ftr-312	560	17	,	,	PUNCT
ftr-312	560	18	at	at	ADP
ftr-312	560	19	89	89	NUM
ftr-312	560	20	(	(	PUNCT
ftr-312	560	21	same	same	ADJ
ftr-312	560	22	)	)	PUNCT
ftr-312	560	23	.	.	PUNCT
ftr-312	561	1	researchers	researcher	NOUN
ftr-312	561	2	have	have	AUX
ftr-312	561	3	similarly	similarly	ADV
ftr-312	561	4	reported	report	VERB
ftr-312	561	5	that	that	SCONJ
ftr-312	561	6	private	private	ADJ
ftr-312	561	7	equity	equity	NOUN
ftr-312	561	8	ownership	ownership	NOUN
ftr-312	561	9	of	of	ADP
ftr-312	561	10	portfolio	portfolio	NOUN
ftr-312	561	11	firms	firm	NOUN
ftr-312	561	12	correlates	correlate	VERB
ftr-312	561	13	with	with	ADP
ftr-312	561	14	tax	tax	NOUN
ftr-312	561	15	planning	planning	NOUN
ftr-312	561	16	.	.	PUNCT
ftr-312	562	1	see	see	VERB
ftr-312	562	2	,	,	PUNCT
ftr-312	562	3	e.g.	e.g.	ADV
ftr-312	562	4	,	,	PUNCT
ftr-312	562	5	brad	brad	PROPN
ftr-312	562	6	a.	a.	PROPN
ftr-312	562	7	badertscher	badertscher	PROPN
ftr-312	562	8	,	,	PUNCT
ftr-312	562	9	sharon	sharon	PROPN
ftr-312	562	10	p.	p.	PROPN
ftr-312	562	11	katz	katz	PROPN
ftr-312	562	12	&	&	CCONJ
ftr-312	562	13	sonja	sonja	PROPN
ftr-312	562	14	o.	o.	PROPN
ftr-312	562	15	rego	rego	PROPN
ftr-312	562	16	,	,	PUNCT
ftr-312	562	17	the	the	DET
ftr-312	562	18	separation	separation	NOUN
ftr-312	562	19	of	of	ADP
ftr-312	562	20	ownership	ownership	NOUN
ftr-312	562	21	and	and	CCONJ
ftr-312	562	22	control	control	NOUN
ftr-312	562	23	and	and	CCONJ
ftr-312	562	24	tax	tax	NOUN
ftr-312	562	25	avoidance	avoidance	NOUN
ftr-312	562	26	,	,	PUNCT
ftr-312	562	27	56	56	NUM
ftr-312	562	28	j.	j.	PROPN
ftr-312	562	29	acct’g	acct’g	PROPN
ftr-312	562	30	&	&	CCONJ
ftr-312	562	31	econ	econ	PROPN
ftr-312	562	32	.	.	PUNCT
ftr-312	563	1	228	228	NUM
ftr-312	563	2	,	,	PUNCT
ftr-312	563	3	242	242	NUM
ftr-312	563	4	(	(	PUNCT
ftr-312	563	5	2013	2013	NUM
ftr-312	563	6	)	)	PUNCT
ftr-312	563	7	(	(	PUNCT
ftr-312	563	8	reporting	report	VERB
ftr-312	563	9	that	that	SCONJ
ftr-312	563	10	portfolio	portfolio	NOUN
ftr-312	563	11	companies	company	NOUN
ftr-312	563	12	controlled	control	VERB
ftr-312	563	13	by	by	ADP
ftr-312	563	14	private	private	ADJ
ftr-312	563	15	equity	equity	NOUN
ftr-312	563	16	firms	firm	NOUN
ftr-312	563	17	had	have	VERB
ftr-312	563	18	higher	high	ADJ
ftr-312	563	19	tax	tax	NOUN
ftr-312	563	20	avoidance	avoidance	NOUN
ftr-312	563	21	measures	measure	NOUN
ftr-312	563	22	than	than	ADP
ftr-312	563	23	management	management	NOUN
ftr-312	563	24	-	-	PUNCT
ftr-312	563	25	owned	own	VERB
ftr-312	563	26	companies	company	NOUN
ftr-312	563	27	)	)	PUNCT
ftr-312	563	28	;	;	PUNCT
ftr-312	563	29	steven	steven	PROPN
ftr-312	563	30	n.	n.	PROPN
ftr-312	563	31	kaplan	kaplan	PROPN
ftr-312	563	32	&	&	CCONJ
ftr-312	563	33	per	per	ADP
ftr-312	563	34	strömberg	strömberg	NOUN
ftr-312	563	35	,	,	PUNCT
ftr-312	563	36	leveraged	leveraged	ADJ
ftr-312	563	37	buyouts	buyout	NOUN
ftr-312	563	38	and	and	CCONJ
ftr-312	563	39	private	private	ADJ
ftr-312	563	40	equity	equity	NOUN
ftr-312	563	41	,	,	PUNCT
ftr-312	563	42	23	23	NUM
ftr-312	563	43	j.	j.	PROPN
ftr-312	563	44	econ	econ	PROPN
ftr-312	563	45	.	.	PUNCT
ftr-312	563	46	persp	persp	PROPN
ftr-312	563	47	.	.	PUNCT
ftr-312	564	1	121	121	NUM
ftr-312	564	2	,	,	PUNCT
ftr-312	564	3	134	134	NUM
ftr-312	564	4	-	-	SYM
ftr-312	564	5	35	35	NUM
ftr-312	564	6	(	(	PUNCT
ftr-312	564	7	2009	2009	NUM
ftr-312	564	8	)	)	PUNCT
ftr-312	564	9	(	(	PUNCT
ftr-312	564	10	noting	note	VERB
ftr-312	564	11	tax	tax	NOUN
ftr-312	564	12	benefits	benefit	NOUN
ftr-312	564	13	of	of	ADP
ftr-312	564	14	additional	additional	ADJ
ftr-312	564	15	leverage	leverage	NOUN
ftr-312	564	16	in	in	ADP
ftr-312	564	17	private	private	ADJ
ftr-312	564	18	equity	equity	NOUN
ftr-312	564	19	-	-	PUNCT
ftr-312	564	20	owned	own	VERB
ftr-312	564	21	portfolio	portfolio	NOUN
ftr-312	564	22	companies	company	NOUN
ftr-312	564	23	)	)	PUNCT
ftr-312	564	24	.	.	PUNCT
ftr-312	565	1	2013	2013	NUM
ftr-312	565	2	]	]	PUNCT
ftr-312	565	3	tax	tax	NOUN
ftr-312	565	4	planning	planning	NOUN
ftr-312	565	5	and	and	CCONJ
ftr-312	565	6	initial	initial	ADJ
ftr-312	565	7	incorporation	incorporation	NOUN
ftr-312	565	8	location	location	NOUN
ftr-312	565	9	347	347	NUM
ftr-312	565	10	their	their	PRON
ftr-312	565	11	preference	preference	NOUN
ftr-312	565	12	for	for	ADP
ftr-312	565	13	delaware	delaware	PROPN
ftr-312	565	14	incorporation	incorporation	NOUN
ftr-312	565	15	,	,	PUNCT
ftr-312	565	16	but	but	CCONJ
ftr-312	565	17	also	also	ADV
ftr-312	565	18	expressed	express	VERB
ftr-312	565	19	the	the	DET
ftr-312	565	20	view	view	NOUN
ftr-312	565	21	that	that	SCONJ
ftr-312	565	22	“	"	PUNCT
ftr-312	565	23	the	the	DET
ftr-312	565	24	lawyers	lawyer	NOUN
ftr-312	565	25	”	"	PUNCT
ftr-312	565	26	overstated	overstate	VERB
ftr-312	565	27	this	this	DET
ftr-312	565	28	preference.132	preference.132	NOUN
ftr-312	565	29	one	one	NUM
ftr-312	565	30	venture	venture	NOUN
ftr-312	565	31	capitalist	capitalist	NOUN
ftr-312	565	32	cited	cite	VERB
ftr-312	565	33	portfolio	portfolio	NOUN
ftr-312	565	34	companies	company	NOUN
ftr-312	565	35	that	that	PRON
ftr-312	565	36	were	be	AUX
ftr-312	565	37	incorporated	incorporate	VERB
ftr-312	565	38	in	in	ADP
ftr-312	565	39	various	various	ADJ
ftr-312	565	40	us	us	PROPN
ftr-312	565	41	states	state	NOUN
ftr-312	565	42	as	as	ADV
ftr-312	565	43	well	well	ADV
ftr-312	565	44	as	as	ADP
ftr-312	565	45	outside	outside	ADP
ftr-312	565	46	the	the	DET
ftr-312	565	47	united	united	PROPN
ftr-312	565	48	states	states	PROPN
ftr-312	565	49	and	and	CCONJ
ftr-312	565	50	in	in	ADP
ftr-312	565	51	llc	llc	PROPN
ftr-312	565	52	form.133	form.133	PROPN
ftr-312	565	53	another	another	PRON
ftr-312	565	54	said	say	VERB
ftr-312	565	55	that	that	SCONJ
ftr-312	565	56	organizational	organizational	ADJ
ftr-312	565	57	form	form	NOUN
ftr-312	565	58	was	be	AUX
ftr-312	565	59	not	not	PART
ftr-312	565	60	something	something	PRON
ftr-312	565	61	the	the	DET
ftr-312	565	62	firm	firm	NOUN
ftr-312	565	63	sought	seek	VERB
ftr-312	565	64	to	to	PART
ftr-312	565	65	“	"	PUNCT
ftr-312	565	66	optimize	optimize	VERB
ftr-312	565	67	.	.	PUNCT
ftr-312	565	68	”134	”134	PUNCT
ftr-312	565	69	firms	firm	NOUN
ftr-312	565	70	may	may	AUX
ftr-312	565	71	rely	rely	VERB
ftr-312	565	72	on	on	ADP
ftr-312	565	73	the	the	DET
ftr-312	565	74	judgment	judgment	NOUN
ftr-312	565	75	of	of	ADP
ftr-312	565	76	earlier	early	ADJ
ftr-312	565	77	investors	investor	NOUN
ftr-312	565	78	in	in	ADP
ftr-312	565	79	a	a	DET
ftr-312	565	80	portfolio	portfolio	NOUN
ftr-312	565	81	company	company	NOUN
ftr-312	565	82	or	or	CCONJ
ftr-312	565	83	on	on	ADP
ftr-312	565	84	the	the	DET
ftr-312	565	85	judgment	judgment	NOUN
ftr-312	565	86	of	of	ADP
ftr-312	565	87	co	co	NOUN
ftr-312	565	88	-	-	NOUN
ftr-312	565	89	investors	investor	NOUN
ftr-312	565	90	and	and	CCONJ
ftr-312	565	91	to	to	PART
ftr-312	565	92	accept	accept	VERB
ftr-312	565	93	their	their	PRON
ftr-312	565	94	planning	planning	NOUN
ftr-312	565	95	with	with	ADP
ftr-312	565	96	respect	respect	NOUN
ftr-312	565	97	to	to	ADP
ftr-312	565	98	organizational	organizational	ADJ
ftr-312	565	99	form.135	form.135	NOUN
ftr-312	565	100	some	some	DET
ftr-312	565	101	venture	venture	NOUN
ftr-312	565	102	firms	firm	NOUN
ftr-312	565	103	have	have	VERB
ftr-312	565	104	investment	investment	NOUN
ftr-312	565	105	fund	fund	NOUN
ftr-312	565	106	segments	segment	NOUN
ftr-312	565	107	that	that	PRON
ftr-312	565	108	specifically	specifically	ADV
ftr-312	565	109	target	target	VERB
ftr-312	565	110	non	non	ADJ
ftr-312	565	111	-	-	ADJ
ftr-312	565	112	us	us	ADJ
ftr-312	565	113	portfolio	portfolio	NOUN
ftr-312	565	114	companies	company	NOUN
ftr-312	565	115	,	,	PUNCT
ftr-312	565	116	which	which	PRON
ftr-312	565	117	are	be	AUX
ftr-312	565	118	typically	typically	ADV
ftr-312	565	119	organized	organize	VERB
ftr-312	565	120	as	as	ADP
ftr-312	565	121	non	non	ADJ
ftr-312	565	122	-	-	ADJ
ftr-312	565	123	us	we	PRON
ftr-312	565	124	firms.136	firms.136	NOUN
ftr-312	565	125	the	the	DET
ftr-312	565	126	norm	norm	NOUN
ftr-312	565	127	of	of	ADP
ftr-312	565	128	us	us	PROPN
ftr-312	565	129	incorporation	incorporation	NOUN
ftr-312	565	130	may	may	AUX
ftr-312	565	131	derive	derive	VERB
ftr-312	565	132	less	less	ADJ
ftr-312	565	133	from	from	ADP
ftr-312	565	134	venture	venture	NOUN
ftr-312	565	135	capital	capital	NOUN
ftr-312	565	136	preference	preference	NOUN
ftr-312	565	137	and	and	CCONJ
ftr-312	565	138	more	more	ADJ
ftr-312	565	139	from	from	ADP
ftr-312	565	140	the	the	DET
ftr-312	565	141	involvement	involvement	NOUN
ftr-312	565	142	of	of	ADP
ftr-312	565	143	lawyers	lawyer	NOUN
ftr-312	565	144	that	that	PRON
ftr-312	565	145	advise	advise	VERB
ftr-312	565	146	startup	startup	NOUN
ftr-312	565	147	firms.137	firms.137	PROPN
ftr-312	565	148	lawyers	lawyer	NOUN
ftr-312	565	149	have	have	AUX
ftr-312	565	150	developed	develop	VERB
ftr-312	565	151	an	an	DET
ftr-312	565	152	out	out	ADV
ftr-312	565	153	-	-	PUNCT
ftr-312	565	154	of	of	ADP
ftr-312	565	155	-	-	PUNCT
ftr-312	565	156	the	the	DET
ftr-312	565	157	-	-	PUNCT
ftr-312	565	158	box	box	NOUN
ftr-312	565	159	structure	structure	NOUN
ftr-312	565	160	for	for	ADP
ftr-312	565	161	startup	startup	NOUN
ftr-312	565	162	firms	firm	NOUN
ftr-312	565	163	that	that	PRON
ftr-312	565	164	is	be	AUX
ftr-312	565	165	easy	easy	ADJ
ftr-312	565	166	and	and	CCONJ
ftr-312	565	167	cheap	cheap	ADJ
ftr-312	565	168	to	to	PART
ftr-312	565	169	implement	implement	VERB
ftr-312	565	170	because	because	SCONJ
ftr-312	565	171	it	it	PRON
ftr-312	565	172	is	be	AUX
ftr-312	565	173	so	so	ADV
ftr-312	565	174	frequently	frequently	ADV
ftr-312	565	175	replicated	replicate	VERB
ftr-312	565	176	.	.	PUNCT
ftr-312	566	1	the	the	DET
ftr-312	566	2	lawyer	lawyer	NOUN
ftr-312	566	3	’s	’s	PART
ftr-312	566	4	interests	interest	NOUN
ftr-312	566	5	and	and	CCONJ
ftr-312	566	6	the	the	DET
ftr-312	566	7	startup	startup	NOUN
ftr-312	566	8	’s	’s	PART
ftr-312	566	9	issues	issue	NOUN
ftr-312	566	10	are	be	AUX
ftr-312	566	11	generally	generally	ADV
ftr-312	566	12	closely	closely	ADV
ftr-312	566	13	aligned	align	VERB
ftr-312	566	14	with	with	ADP
ftr-312	566	15	respect	respect	NOUN
ftr-312	566	16	to	to	ADP
ftr-312	566	17	the	the	DET
ftr-312	566	18	goal	goal	NOUN
ftr-312	566	19	of	of	ADP
ftr-312	566	20	conserving	conserve	VERB
ftr-312	566	21	cash	cash	NOUN
ftr-312	566	22	and	and	CCONJ
ftr-312	566	23	other	other	ADJ
ftr-312	566	24	resources	resource	NOUN
ftr-312	566	25	,	,	PUNCT
ftr-312	566	26	particularly	particularly	ADV
ftr-312	566	27	if	if	SCONJ
ftr-312	566	28	the	the	DET
ftr-312	566	29	lawyer	lawyer	NOUN
ftr-312	566	30	has	have	AUX
ftr-312	566	31	agreed	agree	VERB
ftr-312	566	32	to	to	PART
ftr-312	566	33	defer	defer	VERB
ftr-312	566	34	fees	fee	NOUN
ftr-312	566	35	.	.	PUNCT
ftr-312	567	1	as	as	SCONJ
ftr-312	567	2	one	one	NUM
ftr-312	567	3	lawyer	lawyer	NOUN
ftr-312	567	4	explained	explain	VERB
ftr-312	567	5	,	,	PUNCT
ftr-312	567	6	if	if	SCONJ
ftr-312	567	7	startups	startup	NOUN
ftr-312	567	8	have	have	VERB
ftr-312	567	9	“	"	PUNCT
ftr-312	567	10	no	no	DET
ftr-312	567	11	revenue	revenue	NOUN
ftr-312	567	12	,	,	PUNCT
ftr-312	567	13	”	"	PUNCT
ftr-312	567	14	and	and	CCONJ
ftr-312	567	15	“	"	PUNCT
ftr-312	567	16	no	no	DET
ftr-312	567	17	product	product	NOUN
ftr-312	567	18	,	,	PUNCT
ftr-312	567	19	”	"	PUNCT
ftr-312	567	20	they	they	PRON
ftr-312	567	21	have	have	VERB
ftr-312	567	22	“	"	PUNCT
ftr-312	567	23	no	no	DET
ftr-312	567	24	future,”138	future,”138	NOUN
ftr-312	567	25	and	and	CCONJ
ftr-312	567	26	can	can	AUX
ftr-312	567	27	not	not	PART
ftr-312	567	28	pay	pay	VERB
ftr-312	567	29	their	their	PRON
ftr-312	567	30	legal	legal	ADJ
ftr-312	567	31	bills	bill	NOUN
ftr-312	567	32	.	.	PUNCT
ftr-312	568	1	other	other	ADJ
ftr-312	568	2	work	work	NOUN
ftr-312	568	3	demonstrates	demonstrate	VERB
ftr-312	568	4	that	that	SCONJ
ftr-312	568	5	lawyers	lawyer	NOUN
ftr-312	568	6	can	can	AUX
ftr-312	568	7	significantly	significantly	ADV
ftr-312	568	8	influence	influence	VERB
ftr-312	568	9	client	client	NOUN
ftr-312	568	10	legal	legal	ADJ
ftr-312	568	11	decisions	decision	NOUN
ftr-312	568	12	,	,	PUNCT
ftr-312	568	13	including	include	VERB
ftr-312	568	14	state	state	NOUN
ftr-312	568	15	of	of	ADP
ftr-312	568	16	incorporation,139	incorporation,139	ADV
ftr-312	568	17	use	use	NOUN
ftr-312	568	18	of	of	ADP
ftr-312	568	19	takeover	takeover	NOUN
ftr-312	568	20	defenses,140	defenses,140	ADP
ftr-312	568	21	and	and	CCONJ
ftr-312	568	22	aggressive	aggressive	ADJ
ftr-312	568	23	structures	structure	NOUN
ftr-312	568	24	to	to	PART
ftr-312	568	25	permit	permit	VERB
ftr-312	568	26	founder	founder	NOUN
ftr-312	568	27	liquidity.141	liquidity.141	VERB
ftr-312	568	28	132	132	NUM
ftr-312	568	29	.	.	PUNCT
ftr-312	569	1	telephone	telephone	NOUN
ftr-312	569	2	interview	interview	NOUN
ftr-312	569	3	with	with	ADP
ftr-312	569	4	silicon	silicon	PROPN
ftr-312	569	5	valley	valley	PROPN
ftr-312	569	6	venture	venture	PROPN
ftr-312	569	7	fund	fund	PROPN
ftr-312	569	8	partner	partner	NOUN
ftr-312	569	9	(	(	PUNCT
ftr-312	569	10	feb	feb	PROPN
ftr-312	569	11	.	.	PROPN
ftr-312	569	12	8	8	NUM
ftr-312	569	13	,	,	PUNCT
ftr-312	569	14	2013	2013	NUM
ftr-312	569	15	)	)	PUNCT
ftr-312	569	16	(	(	PUNCT
ftr-312	569	17	stating	state	VERB
ftr-312	569	18	that	that	SCONJ
ftr-312	569	19	the	the	DET
ftr-312	569	20	california	california	PROPN
ftr-312	569	21	code	code	PROPN
ftr-312	569	22	was	be	AUX
ftr-312	569	23	“	"	PUNCT
ftr-312	569	24	stable	stable	ADJ
ftr-312	569	25	”	"	PUNCT
ftr-312	569	26	and	and	CCONJ
ftr-312	569	27	“	"	PUNCT
ftr-312	569	28	good	good	ADJ
ftr-312	569	29	enough	enough	ADV
ftr-312	569	30	”	"	PUNCT
ftr-312	569	31	and	and	CCONJ
ftr-312	569	32	that	that	DET
ftr-312	569	33	llc	llc	NOUN
ftr-312	569	34	formation	formation	NOUN
ftr-312	569	35	“	"	PUNCT
ftr-312	569	36	can	can	AUX
ftr-312	569	37	be	be	AUX
ftr-312	569	38	fixed	fix	VERB
ftr-312	569	39	later	later	ADV
ftr-312	569	40	,	,	PUNCT
ftr-312	569	41	”	"	PUNCT
ftr-312	569	42	when	when	SCONJ
ftr-312	569	43	“	"	PUNCT
ftr-312	569	44	institutional	institutional	ADJ
ftr-312	569	45	investors	investor	NOUN
ftr-312	569	46	”	"	PUNCT
ftr-312	569	47	are	be	AUX
ftr-312	569	48	involved	involve	VERB
ftr-312	569	49	)	)	PUNCT
ftr-312	569	50	.	.	PUNCT
ftr-312	570	1	133	133	NUM
ftr-312	570	2	.	.	PUNCT
ftr-312	571	1	telephone	telephone	NOUN
ftr-312	571	2	interview	interview	NOUN
ftr-312	571	3	with	with	ADP
ftr-312	571	4	san	san	PROPN
ftr-312	571	5	francisco	francisco	PROPN
ftr-312	571	6	entrepreneur	entrepreneur	NOUN
ftr-312	571	7	(	(	PUNCT
ftr-312	571	8	feb	feb	PROPN
ftr-312	571	9	.	.	PROPN
ftr-312	571	10	16	16	NUM
ftr-312	571	11	,	,	PUNCT
ftr-312	571	12	2013	2013	NUM
ftr-312	571	13	)	)	PUNCT
ftr-312	571	14	.	.	PUNCT
ftr-312	572	1	contemporaneous	contemporaneous	ADJ
ftr-312	572	2	examination	examination	NOUN
ftr-312	572	3	of	of	ADP
ftr-312	572	4	venture	venture	NOUN
ftr-312	572	5	-	-	PUNCT
ftr-312	572	6	backed	back	VERB
ftr-312	572	7	ipo	ipo	NOUN
ftr-312	572	8	evidence	evidence	NOUN
ftr-312	572	9	also	also	ADV
ftr-312	572	10	finds	find	VERB
ftr-312	572	11	some	some	DET
ftr-312	572	12	evidence	evidence	NOUN
ftr-312	572	13	of	of	ADP
ftr-312	572	14	a	a	DET
ftr-312	572	15	small	small	ADJ
ftr-312	572	16	number	number	NOUN
ftr-312	572	17	of	of	ADP
ftr-312	572	18	venture	venture	NOUN
ftr-312	572	19	-	-	PUNCT
ftr-312	572	20	backed	back	VERB
ftr-312	572	21	llcs	llcs	NOUN
ftr-312	572	22	.	.	PUNCT
ftr-312	573	1	allen	allen	PROPN
ftr-312	573	2	&	&	CCONJ
ftr-312	573	3	raghavan	raghavan	PROPN
ftr-312	573	4	,	,	PUNCT
ftr-312	573	5	the	the	DET
ftr-312	573	6	impact	impact	NOUN
ftr-312	573	7	of	of	ADP
ftr-312	573	8	non	non	ADJ
ftr-312	573	9	-	-	ADJ
ftr-312	573	10	tax	tax	ADJ
ftr-312	573	11	costs	cost	NOUN
ftr-312	573	12	on	on	ADP
ftr-312	573	13	tax	tax	NOUN
ftr-312	573	14	-	-	PUNCT
ftr-312	573	15	efficiency	efficiency	NOUN
ftr-312	573	16	,	,	PUNCT
ftr-312	573	17	supra	supra	PROPN
ftr-312	573	18	note	note	NOUN
ftr-312	573	19	4	4	NUM
ftr-312	573	20	.	.	NUM
ftr-312	573	21	134	134	NUM
ftr-312	573	22	.	.	PUNCT
ftr-312	574	1	telephone	telephone	NOUN
ftr-312	574	2	interview	interview	NOUN
ftr-312	574	3	with	with	ADP
ftr-312	574	4	silicon	silicon	PROPN
ftr-312	574	5	valley	valley	PROPN
ftr-312	574	6	venture	venture	PROPN
ftr-312	574	7	fund	fund	NOUN
ftr-312	574	8	partner	partner	NOUN
ftr-312	574	9	(	(	PUNCT
ftr-312	574	10	mar	mar	PROPN
ftr-312	574	11	.	.	PROPN
ftr-312	574	12	8	8	NUM
ftr-312	574	13	,	,	PUNCT
ftr-312	574	14	2013	2013	NUM
ftr-312	574	15	)	)	PUNCT
ftr-312	574	16	.	.	PUNCT
ftr-312	575	1	135	135	NUM
ftr-312	575	2	.	.	PUNCT
ftr-312	576	1	telephone	telephone	NOUN
ftr-312	576	2	interview	interview	NOUN
ftr-312	576	3	with	with	ADP
ftr-312	576	4	san	san	PROPN
ftr-312	576	5	francisco	francisco	PROPN
ftr-312	576	6	entrepreneur	entrepreneur	NOUN
ftr-312	576	7	(	(	PUNCT
ftr-312	576	8	feb	feb	PROPN
ftr-312	576	9	.	.	PROPN
ftr-312	576	10	16	16	NUM
ftr-312	576	11	,	,	PUNCT
ftr-312	576	12	2013	2013	NUM
ftr-312	576	13	)	)	PUNCT
ftr-312	576	14	;	;	PUNCT
ftr-312	576	15	telephone	telephone	NOUN
ftr-312	576	16	interview	interview	NOUN
ftr-312	576	17	with	with	ADP
ftr-312	576	18	silicon	silicon	PROPN
ftr-312	576	19	valley	valley	PROPN
ftr-312	576	20	venture	venture	PROPN
ftr-312	576	21	fund	fund	NOUN
ftr-312	576	22	partner	partner	NOUN
ftr-312	576	23	(	(	PUNCT
ftr-312	576	24	mar	mar	PROPN
ftr-312	576	25	.	.	PROPN
ftr-312	576	26	8	8	NUM
ftr-312	576	27	,	,	PUNCT
ftr-312	576	28	2013	2013	NUM
ftr-312	576	29	)	)	PUNCT
ftr-312	576	30	.	.	PUNCT
ftr-312	577	1	136	136	NUM
ftr-312	577	2	.	.	PUNCT
ftr-312	578	1	see	see	VERB
ftr-312	578	2	supra	supra	PROPN
ftr-312	578	3	note	note	PROPN
ftr-312	578	4	58	58	NUM
ftr-312	578	5	(	(	PUNCT
ftr-312	578	6	giving	give	VERB
ftr-312	578	7	examples	example	NOUN
ftr-312	578	8	drawn	draw	VERB
ftr-312	578	9	from	from	ADP
ftr-312	578	10	sequoia	sequoia	NOUN
ftr-312	578	11	capital	capital	PROPN
ftr-312	578	12	and	and	CCONJ
ftr-312	578	13	bessemer	bessemer	PROPN
ftr-312	578	14	partners	partner	NOUN
ftr-312	578	15	portfolios	portfolio	NOUN
ftr-312	578	16	)	)	PUNCT
ftr-312	578	17	.	.	PUNCT
ftr-312	579	1	137	137	NUM
ftr-312	579	2	.	.	PUNCT
ftr-312	580	1	cf	cf	NOUN
ftr-312	580	2	.	.	PUNCT
ftr-312	581	1	reinier	reinier	PROPN
ftr-312	581	2	h.	h.	PROPN
ftr-312	581	3	kraakman	kraakman	PROPN
ftr-312	581	4	,	,	PUNCT
ftr-312	581	5	gatekeepers	gatekeeper	NOUN
ftr-312	581	6	:	:	PUNCT
ftr-312	581	7	the	the	DET
ftr-312	581	8	anatomy	anatomy	NOUN
ftr-312	581	9	of	of	ADP
ftr-312	581	10	a	a	DET
ftr-312	581	11	third	third	ADJ
ftr-312	581	12	-	-	PUNCT
ftr-312	581	13	party	party	NOUN
ftr-312	581	14	enforcement	enforcement	NOUN
ftr-312	581	15	strategy	strategy	NOUN
ftr-312	581	16	,	,	PUNCT
ftr-312	581	17	2	2	NUM
ftr-312	581	18	j.l	j.l	PROPN
ftr-312	581	19	.	.	PROPN
ftr-312	581	20	econ	econ	PROPN
ftr-312	581	21	&	&	CCONJ
ftr-312	581	22	org	org	PROPN
ftr-312	581	23	.	.	PUNCT
ftr-312	582	1	53	53	NUM
ftr-312	582	2	(	(	PUNCT
ftr-312	582	3	1986	1986	NUM
ftr-312	582	4	)	)	PUNCT
ftr-312	582	5	.	.	PUNCT
ftr-312	583	1	138	138	NUM
ftr-312	583	2	.	.	PUNCT
ftr-312	584	1	telephone	telephone	NOUN
ftr-312	584	2	interview	interview	NOUN
ftr-312	584	3	with	with	ADP
ftr-312	584	4	silicon	silicon	NOUN
ftr-312	584	5	valley	valley	PROPN
ftr-312	584	6	law	law	PROPN
ftr-312	584	7	firm	firm	NOUN
ftr-312	584	8	partner	partner	NOUN
ftr-312	584	9	(	(	PUNCT
ftr-312	584	10	feb	feb	PROPN
ftr-312	584	11	.	.	PROPN
ftr-312	584	12	16	16	NUM
ftr-312	584	13	,	,	PUNCT
ftr-312	584	14	2013	2013	NUM
ftr-312	584	15	)	)	PUNCT
ftr-312	584	16	.	.	PUNCT
ftr-312	585	1	139	139	NUM
ftr-312	585	2	.	.	PUNCT
ftr-312	586	1	see	see	VERB
ftr-312	586	2	,	,	PUNCT
ftr-312	586	3	e.g.	e.g.	ADV
ftr-312	586	4	,	,	PUNCT
ftr-312	586	5	daines	daine	NOUN
ftr-312	586	6	,	,	PUNCT
ftr-312	586	7	the	the	DET
ftr-312	586	8	incorporation	incorporation	NOUN
ftr-312	586	9	choices	choice	NOUN
ftr-312	586	10	of	of	ADP
ftr-312	586	11	ipo	ipo	NOUN
ftr-312	586	12	firms	firm	NOUN
ftr-312	586	13	,	,	PUNCT
ftr-312	586	14	supra	supra	PROPN
ftr-312	586	15	note	note	PROPN
ftr-312	586	16	36	36	NUM
ftr-312	586	17	.	.	NOUN
ftr-312	586	18	140	140	NUM
ftr-312	586	19	.	.	PUNCT
ftr-312	587	1	see	see	VERB
ftr-312	587	2	coates	coate	NOUN
ftr-312	587	3	,	,	PUNCT
ftr-312	587	4	explaining	explain	VERB
ftr-312	587	5	variation	variation	NOUN
ftr-312	587	6	in	in	ADP
ftr-312	587	7	takeover	takeover	NOUN
ftr-312	587	8	defenses	defense	NOUN
ftr-312	587	9	,	,	PUNCT
ftr-312	587	10	supra	supra	PROPN
ftr-312	587	11	note	note	VERB
ftr-312	587	12	37	37	NUM
ftr-312	587	13	.	.	NOUN
ftr-312	588	1	141	141	NUM
ftr-312	588	2	.	.	PUNCT
ftr-312	589	1	see	see	VERB
ftr-312	589	2	fleischer	fleischer	PROPN
ftr-312	589	3	&	&	CCONJ
ftr-312	589	4	staudt	staudt	PROPN
ftr-312	589	5	,	,	PUNCT
ftr-312	589	6	the	the	DET
ftr-312	589	7	supercharged	supercharge	VERB
ftr-312	589	8	ipo	ipo	NOUN
ftr-312	589	9	,	,	PUNCT
ftr-312	589	10	supra	supra	PROPN
ftr-312	589	11	note	note	PROPN
ftr-312	589	12	37	37	NUM
ftr-312	589	13	(	(	PUNCT
ftr-312	589	14	presenting	present	VERB
ftr-312	589	15	evidence	evidence	NOUN
ftr-312	589	16	of	of	ADP
ftr-312	589	17	the	the	DET
ftr-312	589	18	impact	impact	NOUN
ftr-312	589	19	of	of	ADP
ftr-312	589	20	professional	professional	ADJ
ftr-312	589	21	networks	network	NOUN
ftr-312	589	22	on	on	ADP
ftr-312	589	23	firms	firm	NOUN
ftr-312	589	24	’	'	PUNCT
ftr-312	589	25	use	use	NOUN
ftr-312	589	26	of	of	ADP
ftr-312	589	27	a	a	DET
ftr-312	589	28	specific	specific	ADJ
ftr-312	589	29	planning	planning	NOUN
ftr-312	589	30	strategy	strategy	NOUN
ftr-312	589	31	)	)	PUNCT
ftr-312	589	32	.	.	PUNCT
ftr-312	590	1	348	348	NUM
ftr-312	590	2	florida	florida	PROPN
ftr-312	590	3	tax	tax	NOUN
ftr-312	590	4	review	review	NOUN
ftr-312	590	5	[	[	X
ftr-312	590	6	vol	vol	NOUN
ftr-312	590	7	.	.	PUNCT
ftr-312	590	8	14:8	14:8	NUM
ftr-312	590	9	in	in	ADP
ftr-312	590	10	the	the	DET
ftr-312	590	11	corporation	corporation	NOUN
ftr-312	590	12	-	-	PUNCT
ftr-312	590	13	versus	versus	ADP
ftr-312	590	14	-	-	PUNCT
ftr-312	590	15	llc	llc	NOUN
ftr-312	590	16	context	context	NOUN
ftr-312	590	17	,	,	PUNCT
ftr-312	590	18	the	the	DET
ftr-312	590	19	overwhelming	overwhelming	ADJ
ftr-312	590	20	adherence	adherence	NOUN
ftr-312	590	21	of	of	ADP
ftr-312	590	22	startups	startup	NOUN
ftr-312	590	23	to	to	ADP
ftr-312	590	24	the	the	DET
ftr-312	590	25	standard	standard	PROPN
ftr-312	590	26	delaware	delaware	PROPN
ftr-312	590	27	corporation	corporation	PROPN
ftr-312	590	28	organization	organization	PROPN
ftr-312	590	29	advice	advice	NOUN
ftr-312	590	30	offered	offer	VERB
ftr-312	590	31	by	by	ADP
ftr-312	590	32	lawyers	lawyer	NOUN
ftr-312	590	33	and	and	CCONJ
ftr-312	590	34	other	other	ADJ
ftr-312	590	35	gatekeepers	gatekeeper	NOUN
ftr-312	590	36	has	have	AUX
ftr-312	590	37	raised	raise	VERB
ftr-312	590	38	the	the	DET
ftr-312	590	39	question	question	NOUN
ftr-312	590	40	of	of	ADP
ftr-312	590	41	whether	whether	SCONJ
ftr-312	590	42	the	the	DET
ftr-312	590	43	default	default	NOUN
ftr-312	590	44	corporation	corporation	NOUN
ftr-312	590	45	approach	approach	NOUN
ftr-312	590	46	is	be	AUX
ftr-312	590	47	a	a	DET
ftr-312	590	48	rational	rational	ADJ
ftr-312	590	49	or	or	CCONJ
ftr-312	590	50	irrational	irrational	ADJ
ftr-312	590	51	habit.142	habit.142	PRON
ftr-312	590	52	the	the	DET
ftr-312	590	53	corporation	corporation	NOUN
ftr-312	590	54	-	-	PUNCT
ftr-312	590	55	versus	versus	ADP
ftr-312	590	56	-	-	PUNCT
ftr-312	590	57	llc	llc	NOUN
ftr-312	590	58	question	question	NOUN
ftr-312	590	59	raises	raise	VERB
ftr-312	590	60	this	this	DET
ftr-312	590	61	issue	issue	NOUN
ftr-312	590	62	because	because	SCONJ
ftr-312	590	63	there	there	PRON
ftr-312	590	64	are	be	VERB
ftr-312	590	65	known	know	VERB
ftr-312	590	66	net	net	ADJ
ftr-312	590	67	tax	tax	NOUN
ftr-312	590	68	costs	cost	NOUN
ftr-312	590	69	presented	present	VERB
ftr-312	590	70	by	by	ADP
ftr-312	590	71	the	the	DET
ftr-312	590	72	corporate	corporate	ADJ
ftr-312	590	73	organizational	organizational	ADJ
ftr-312	590	74	form	form	NOUN
ftr-312	590	75	,	,	PUNCT
ftr-312	590	76	whether	whether	SCONJ
ftr-312	590	77	it	it	PRON
ftr-312	590	78	is	be	AUX
ftr-312	590	79	the	the	DET
ftr-312	590	80	loss	loss	NOUN
ftr-312	590	81	of	of	ADP
ftr-312	590	82	the	the	DET
ftr-312	590	83	benefit	benefit	NOUN
ftr-312	590	84	of	of	ADP
ftr-312	590	85	tax	tax	NOUN
ftr-312	590	86	losses	loss	NOUN
ftr-312	590	87	or	or	CCONJ
ftr-312	590	88	the	the	DET
ftr-312	590	89	cost	cost	NOUN
ftr-312	590	90	of	of	ADP
ftr-312	590	91	double	double	ADJ
ftr-312	590	92	taxation	taxation	NOUN
ftr-312	590	93	in	in	ADP
ftr-312	590	94	the	the	DET
ftr-312	590	95	event	event	NOUN
ftr-312	590	96	of	of	ADP
ftr-312	590	97	profit.143	profit.143	NOUN
ftr-312	590	98	in	in	ADP
ftr-312	590	99	the	the	DET
ftr-312	590	100	us	us	PROPN
ftr-312	590	101	-	-	PUNCT
ftr-312	590	102	versus	versus	ADP
ftr-312	590	103	-	-	PUNCT
ftr-312	590	104	non	non	NOUN
ftr-312	590	105	-	-	ADJ
ftr-312	590	106	us	us	PROPN
ftr-312	590	107	incorporation	incorporation	NOUN
ftr-312	590	108	case	case	NOUN
ftr-312	590	109	,	,	PUNCT
ftr-312	590	110	however	however	ADV
ftr-312	590	111	,	,	PUNCT
ftr-312	590	112	the	the	DET
ftr-312	590	113	rationality	rationality	NOUN
ftr-312	590	114	question	question	NOUN
ftr-312	590	115	is	be	AUX
ftr-312	590	116	not	not	PART
ftr-312	590	117	broadly	broadly	ADV
ftr-312	590	118	presented	present	VERB
ftr-312	590	119	,	,	PUNCT
ftr-312	590	120	because	because	SCONJ
ftr-312	590	121	the	the	DET
ftr-312	590	122	choice	choice	NOUN
ftr-312	590	123	of	of	ADP
ftr-312	590	124	us	us	PROPN
ftr-312	590	125	incorporation	incorporation	NOUN
ftr-312	590	126	instead	instead	ADV
ftr-312	590	127	of	of	ADP
ftr-312	590	128	non	non	ADJ
ftr-312	590	129	-	-	ADJ
ftr-312	590	130	us	we	PRON
ftr-312	590	131	incorporation	incorporation	NOUN
ftr-312	590	132	does	do	AUX
ftr-312	590	133	not	not	PART
ftr-312	590	134	clearly	clearly	ADV
ftr-312	590	135	result	result	VERB
ftr-312	590	136	in	in	ADP
ftr-312	590	137	net	net	ADJ
ftr-312	590	138	tax	tax	NOUN
ftr-312	590	139	costs	cost	NOUN
ftr-312	590	140	for	for	ADP
ftr-312	590	141	a	a	DET
ftr-312	590	142	typical	typical	ADJ
ftr-312	590	143	startup	startup	NOUN
ftr-312	590	144	and	and	CCONJ
ftr-312	590	145	its	its	PRON
ftr-312	590	146	investors.144	investors.144	NOUN
ftr-312	590	147	nevertheless	nevertheless	ADV
ftr-312	590	148	,	,	PUNCT
ftr-312	590	149	the	the	DET
ftr-312	590	150	influence	influence	NOUN
ftr-312	590	151	of	of	ADP
ftr-312	590	152	advisors	advisor	NOUN
ftr-312	590	153	over	over	ADP
ftr-312	590	154	startups	startup	NOUN
ftr-312	590	155	’	'	PUNCT
ftr-312	590	156	us	us	PROPN
ftr-312	590	157	-	-	PUNCT
ftr-312	590	158	versusnon	versusnon	NOUN
ftr-312	590	159	-	-	PUNCT
ftr-312	590	160	us	us	PROPN
ftr-312	590	161	organization	organization	NOUN
ftr-312	590	162	decision	decision	NOUN
ftr-312	590	163	is	be	AUX
ftr-312	590	164	important	important	ADJ
ftr-312	590	165	.	.	PUNCT
ftr-312	591	1	for	for	ADP
ftr-312	591	2	example	example	NOUN
ftr-312	591	3	,	,	PUNCT
ftr-312	591	4	it	it	PRON
ftr-312	591	5	influences	influence	VERB
ftr-312	591	6	the	the	DET
ftr-312	591	7	analysis	analysis	NOUN
ftr-312	591	8	of	of	ADP
ftr-312	591	9	what	what	PRON
ftr-312	591	10	might	might	AUX
ftr-312	591	11	happen	happen	VERB
ftr-312	591	12	in	in	ADP
ftr-312	591	13	the	the	DET
ftr-312	591	14	event	event	NOUN
ftr-312	591	15	the	the	DET
ftr-312	591	16	us	us	PROPN
ftr-312	591	17	did	do	VERB
ftr-312	591	18	(	(	PUNCT
ftr-312	591	19	contrary	contrary	ADV
ftr-312	591	20	to	to	ADP
ftr-312	591	21	predictions	prediction	NOUN
ftr-312	591	22	discussed	discuss	VERB
ftr-312	591	23	below	below	ADP
ftr-312	591	24	based	base	VERB
ftr-312	591	25	on	on	ADP
ftr-312	591	26	legislative	legislative	ADJ
ftr-312	591	27	process	process	NOUN
ftr-312	591	28	and	and	CCONJ
ftr-312	591	29	interest	interest	NOUN
ftr-312	591	30	group	group	NOUN
ftr-312	591	31	constraints	constraint	NOUN
ftr-312	591	32	)	)	PUNCT
ftr-312	591	33	increase	increase	VERB
ftr-312	591	34	the	the	DET
ftr-312	591	35	tax	tax	NOUN
ftr-312	591	36	burden	burden	NOUN
ftr-312	591	37	of	of	ADP
ftr-312	591	38	us	us	PROPN
ftr-312	591	39	-	-	PUNCT
ftr-312	591	40	parented	parent	VERB
ftr-312	591	41	mncs	mncs	PROPN
ftr-312	591	42	relative	relative	ADJ
ftr-312	591	43	to	to	ADP
ftr-312	591	44	nonus	nonus	NOUN
ftr-312	591	45	-	-	PUNCT
ftr-312	591	46	parented	parent	VERB
ftr-312	591	47	mncs	mnc	NOUN
ftr-312	591	48	.	.	PUNCT
ftr-312	592	1	in	in	ADP
ftr-312	592	2	the	the	DET
ftr-312	592	3	absence	absence	NOUN
ftr-312	592	4	of	of	ADP
ftr-312	592	5	a	a	DET
ftr-312	592	6	mediating	mediate	VERB
ftr-312	592	7	group	group	NOUN
ftr-312	592	8	of	of	ADP
ftr-312	592	9	advisors	advisor	NOUN
ftr-312	592	10	and	and	CCONJ
ftr-312	592	11	in	in	ADP
ftr-312	592	12	the	the	DET
ftr-312	592	13	absence	absence	NOUN
ftr-312	592	14	of	of	ADP
ftr-312	592	15	a	a	DET
ftr-312	592	16	standard	standard	ADJ
ftr-312	592	17	market	market	NOUN
ftr-312	592	18	norm	norm	NOUN
ftr-312	592	19	for	for	ADP
ftr-312	592	20	a	a	DET
ftr-312	592	21	startup	startup	NOUN
ftr-312	592	22	’s	’s	PART
ftr-312	592	23	organizational	organizational	ADJ
ftr-312	592	24	structure	structure	NOUN
ftr-312	592	25	,	,	PUNCT
ftr-312	592	26	an	an	DET
ftr-312	592	27	increase	increase	NOUN
ftr-312	592	28	in	in	ADP
ftr-312	592	29	the	the	DET
ftr-312	592	30	tax	tax	NOUN
ftr-312	592	31	burden	burden	NOUN
ftr-312	592	32	of	of	ADP
ftr-312	592	33	us	us	PROPN
ftr-312	592	34	-	-	PUNCT
ftr-312	592	35	parented	parent	VERB
ftr-312	592	36	mncs	mncs	PROPN
ftr-312	592	37	should	should	AUX
ftr-312	592	38	marginally	marginally	ADV
ftr-312	592	39	increase	increase	VERB
ftr-312	592	40	the	the	DET
ftr-312	592	41	frequency	frequency	NOUN
ftr-312	592	42	of	of	ADP
ftr-312	592	43	us	us	PROPN
ftr-312	592	44	-	-	PUNCT
ftr-312	592	45	based	base	VERB
ftr-312	592	46	startups	startup	NOUN
ftr-312	592	47	that	that	PRON
ftr-312	592	48	incorporate	incorporate	VERB
ftr-312	592	49	outside	outside	ADP
ftr-312	592	50	the	the	DET
ftr-312	592	51	us	us	PROPN
ftr-312	592	52	based	base	VERB
ftr-312	592	53	on	on	ADP
ftr-312	592	54	each	each	DET
ftr-312	592	55	individual	individual	ADJ
ftr-312	592	56	startup	startup	NOUN
ftr-312	592	57	’s	’s	PART
ftr-312	592	58	cost	cost	NOUN
ftr-312	592	59	-	-	PUNCT
ftr-312	592	60	benefit	benefit	NOUN
ftr-312	592	61	analysis	analysis	NOUN
ftr-312	592	62	.	.	PUNCT
ftr-312	593	1	however	however	ADV
ftr-312	593	2	,	,	PUNCT
ftr-312	593	3	if	if	SCONJ
ftr-312	593	4	mediated	mediate	VERB
ftr-312	593	5	by	by	ADP
ftr-312	593	6	gatekeepers	gatekeeper	NOUN
ftr-312	593	7	such	such	ADJ
ftr-312	593	8	as	as	ADP
ftr-312	593	9	venture	venture	NOUN
ftr-312	593	10	capitalists	capitalist	NOUN
ftr-312	593	11	and	and	CCONJ
ftr-312	593	12	lawyers	lawyer	NOUN
ftr-312	593	13	,	,	PUNCT
ftr-312	593	14	the	the	DET
ftr-312	593	15	possible	possible	ADJ
ftr-312	593	16	adoption	adoption	NOUN
ftr-312	593	17	of	of	ADP
ftr-312	593	18	non	non	ADJ
ftr-312	593	19	-	-	ADJ
ftr-312	593	20	us	we	PRON
ftr-312	593	21	-	-	PUNCT
ftr-312	593	22	parented	parent	VERB
ftr-312	593	23	mnc	mnc	PROPN
ftr-312	593	24	startup	startup	VERB
ftr-312	593	25	structures	structure	NOUN
ftr-312	593	26	in	in	ADP
ftr-312	593	27	response	response	NOUN
ftr-312	593	28	to	to	ADP
ftr-312	593	29	a	a	DET
ftr-312	593	30	change	change	NOUN
ftr-312	593	31	in	in	ADP
ftr-312	593	32	law	law	NOUN
ftr-312	593	33	is	be	AUX
ftr-312	593	34	more	more	ADV
ftr-312	593	35	complicated	complicated	ADJ
ftr-312	593	36	.	.	PUNCT
ftr-312	594	1	one	one	NUM
ftr-312	594	2	issue	issue	NOUN
ftr-312	594	3	is	be	AUX
ftr-312	594	4	agency	agency	NOUN
ftr-312	594	5	costs	cost	NOUN
ftr-312	594	6	.	.	PUNCT
ftr-312	595	1	the	the	DET
ftr-312	595	2	existing	exist	VERB
ftr-312	595	3	default	default	NOUN
ftr-312	595	4	delaware	delaware	PROPN
ftr-312	595	5	incorporation	incorporation	NOUN
ftr-312	595	6	structure	structure	NOUN
ftr-312	595	7	optimizes	optimize	VERB
ftr-312	595	8	various	various	ADJ
ftr-312	595	9	142	142	NUM
ftr-312	595	10	.	.	PUNCT
ftr-312	596	1	compare	compare	VERB
ftr-312	596	2	bankman	bankman	NOUN
ftr-312	596	3	,	,	PUNCT
ftr-312	596	4	the	the	DET
ftr-312	596	5	structure	structure	NOUN
ftr-312	596	6	of	of	ADP
ftr-312	596	7	silicon	silicon	PROPN
ftr-312	596	8	valley	valley	PROPN
ftr-312	596	9	start	start	NOUN
ftr-312	596	10	-	-	PUNCT
ftr-312	596	11	ups	up	NOUN
ftr-312	596	12	,	,	PUNCT
ftr-312	596	13	supra	supra	PROPN
ftr-312	596	14	note	note	NOUN
ftr-312	596	15	4	4	NUM
ftr-312	596	16	,	,	PUNCT
ftr-312	596	17	at	at	ADP
ftr-312	596	18	1767	1767	NUM
ftr-312	596	19	(	(	PUNCT
ftr-312	596	20	acknowledging	acknowledge	VERB
ftr-312	596	21	transaction	transaction	NOUN
ftr-312	596	22	costs	cost	NOUN
ftr-312	596	23	and	and	CCONJ
ftr-312	596	24	loss	loss	NOUN
ftr-312	596	25	limitations	limitation	NOUN
ftr-312	596	26	but	but	CCONJ
ftr-312	596	27	also	also	ADV
ftr-312	596	28	suggesting	suggest	VERB
ftr-312	596	29	various	various	ADJ
ftr-312	596	30	“	"	PUNCT
ftr-312	596	31	irrational	irrational	ADJ
ftr-312	596	32	”	"	PUNCT
ftr-312	596	33	possible	possible	ADJ
ftr-312	596	34	reasons	reason	NOUN
ftr-312	596	35	for	for	ADP
ftr-312	596	36	corporate	corporate	ADJ
ftr-312	596	37	startup	startup	NOUN
ftr-312	596	38	structure	structure	NOUN
ftr-312	596	39	including	include	VERB
ftr-312	596	40	the	the	DET
ftr-312	596	41	possibility	possibility	NOUN
ftr-312	596	42	that	that	SCONJ
ftr-312	596	43	“	"	PUNCT
ftr-312	596	44	individual	individual	ADJ
ftr-312	596	45	investors	investor	NOUN
ftr-312	596	46	are	be	AUX
ftr-312	596	47	irrationally	irrationally	ADV
ftr-312	596	48	attracted	attract	VERB
ftr-312	596	49	by	by	ADP
ftr-312	596	50	the	the	DET
ftr-312	596	51	remote	remote	ADJ
ftr-312	596	52	possibility	possibility	NOUN
ftr-312	596	53	of	of	ADP
ftr-312	596	54	enormous	enormous	ADJ
ftr-312	596	55	return	return	NOUN
ftr-312	596	56	”	"	PUNCT
ftr-312	596	57	)	)	PUNCT
ftr-312	596	58	and	and	CCONJ
ftr-312	596	59	johnson	johnson	PROPN
ftr-312	596	60	,	,	PUNCT
ftr-312	596	61	why	why	SCONJ
ftr-312	596	62	do	do	AUX
ftr-312	596	63	venture	venture	NOUN
ftr-312	596	64	capital	capital	NOUN
ftr-312	596	65	funds	fund	NOUN
ftr-312	596	66	burn	burn	VERB
ftr-312	596	67	research	research	NOUN
ftr-312	596	68	and	and	CCONJ
ftr-312	596	69	development	development	NOUN
ftr-312	596	70	deductions	deduction	NOUN
ftr-312	597	1	,	,	PUNCT
ftr-312	597	2	supra	supra	PROPN
ftr-312	597	3	note	note	NOUN
ftr-312	597	4	4	4	NUM
ftr-312	597	5	,	,	PUNCT
ftr-312	597	6	at	at	ADP
ftr-312	597	7	89	89	NUM
ftr-312	597	8	(	(	PUNCT
ftr-312	597	9	“	"	PUNCT
ftr-312	597	10	the	the	DET
ftr-312	597	11	explanations	explanation	NOUN
ftr-312	597	12	offered	offer	VERB
ftr-312	597	13	on	on	ADP
ftr-312	597	14	why	why	SCONJ
ftr-312	597	15	the	the	DET
ftr-312	597	16	funds	fund	NOUN
ftr-312	597	17	accept	accept	VERB
ftr-312	597	18	such	such	ADJ
ftr-312	597	19	high	high	ADJ
ftr-312	597	20	taxes	taxis	NOUN
ftr-312	597	21	do	do	AUX
ftr-312	597	22	not	not	PART
ftr-312	597	23	justify	justify	VERB
ftr-312	597	24	or	or	CCONJ
ftr-312	597	25	explain	explain	VERB
ftr-312	597	26	the	the	DET
ftr-312	597	27	destruction	destruction	NOUN
ftr-312	597	28	of	of	ADP
ftr-312	597	29	the	the	DET
ftr-312	597	30	tax	tax	NOUN
ftr-312	597	31	benefits	benefit	NOUN
ftr-312	597	32	.	.	PUNCT
ftr-312	598	1	the	the	DET
ftr-312	598	2	results	result	NOUN
ftr-312	598	3	can	can	AUX
ftr-312	598	4	not	not	PART
ftr-312	598	5	be	be	AUX
ftr-312	598	6	justified	justify	VERB
ftr-312	598	7	by	by	ADP
ftr-312	598	8	drafting	draft	VERB
ftr-312	598	9	habits	habit	NOUN
ftr-312	598	10	in	in	ADP
ftr-312	598	11	a	a	DET
ftr-312	598	12	billion	billion	NUM
ftr-312	598	13	dollar	dollar	NOUN
ftr-312	598	14	fund	fund	NOUN
ftr-312	598	15	because	because	SCONJ
ftr-312	598	16	the	the	DET
ftr-312	598	17	stakes	stake	NOUN
ftr-312	598	18	are	be	AUX
ftr-312	598	19	too	too	ADV
ftr-312	598	20	high	high	ADJ
ftr-312	598	21	to	to	PART
ftr-312	598	22	be	be	AUX
ftr-312	598	23	justified	justify	VERB
ftr-312	598	24	by	by	ADP
ftr-312	598	25	inertia	inertia	NOUN
ftr-312	598	26	.	.	PUNCT
ftr-312	598	27	”	"	PUNCT
ftr-312	598	28	)	)	PUNCT
ftr-312	598	29	with	with	ADP
ftr-312	598	30	fleischer	fleischer	PROPN
ftr-312	598	31	,	,	PUNCT
ftr-312	598	32	the	the	DET
ftr-312	598	33	rational	rational	ADJ
ftr-312	598	34	exuberance	exuberance	NOUN
ftr-312	598	35	of	of	ADP
ftr-312	598	36	structuring	structure	VERB
ftr-312	598	37	venture	venture	NOUN
ftr-312	598	38	capital	capital	NOUN
ftr-312	598	39	,	,	PUNCT
ftr-312	598	40	supra	supra	PROPN
ftr-312	598	41	note	note	NOUN
ftr-312	598	42	4	4	NUM
ftr-312	598	43	,	,	PUNCT
ftr-312	598	44	at	at	ADP
ftr-312	598	45	139–140	139–140	NUM
ftr-312	598	46	(	(	PUNCT
ftr-312	598	47	placing	place	VERB
ftr-312	598	48	greater	great	ADJ
ftr-312	598	49	weight	weight	NOUN
ftr-312	598	50	on	on	ADP
ftr-312	598	51	transaction	transaction	NOUN
ftr-312	598	52	costs	cost	NOUN
ftr-312	598	53	and	and	CCONJ
ftr-312	598	54	loss	loss	NOUN
ftr-312	598	55	limitations	limitation	NOUN
ftr-312	598	56	including	include	VERB
ftr-312	598	57	the	the	DET
ftr-312	598	58	fact	fact	NOUN
ftr-312	598	59	that	that	SCONJ
ftr-312	598	60	venture	venture	NOUN
ftr-312	598	61	capitalists	capitalist	NOUN
ftr-312	598	62	generally	generally	ADV
ftr-312	598	63	would	would	AUX
ftr-312	598	64	not	not	PART
ftr-312	598	65	benefit	benefit	VERB
ftr-312	598	66	from	from	ADP
ftr-312	598	67	startup	startup	NOUN
ftr-312	598	68	losses	loss	NOUN
ftr-312	598	69	)	)	PUNCT
ftr-312	598	70	.	.	PUNCT
ftr-312	599	1	143	143	NUM
ftr-312	599	2	.	.	PUNCT
ftr-312	600	1	allen	allen	PROPN
ftr-312	600	2	&	&	CCONJ
ftr-312	600	3	raghavan	raghavan	PROPN
ftr-312	600	4	,	,	PUNCT
ftr-312	600	5	the	the	DET
ftr-312	600	6	impact	impact	NOUN
ftr-312	600	7	of	of	ADP
ftr-312	600	8	non	non	ADJ
ftr-312	600	9	-	-	ADJ
ftr-312	600	10	tax	tax	ADJ
ftr-312	600	11	costs	cost	NOUN
ftr-312	600	12	on	on	ADP
ftr-312	600	13	tax	tax	NOUN
ftr-312	600	14	-	-	PUNCT
ftr-312	600	15	efficiency	efficiency	NOUN
ftr-312	600	16	,	,	PUNCT
ftr-312	600	17	supra	supra	PROPN
ftr-312	600	18	note	note	NOUN
ftr-312	600	19	4	4	NUM
ftr-312	600	20	.	.	NOUN
ftr-312	600	21	144	144	NUM
ftr-312	600	22	.	.	PUNCT
ftr-312	601	1	see	see	VERB
ftr-312	601	2	,	,	PUNCT
ftr-312	601	3	e.g.	e.g.	ADV
ftr-312	601	4	,	,	PUNCT
ftr-312	601	5	shaviro	shaviro	ADJ
ftr-312	601	6	,	,	PUNCT
ftr-312	601	7	rising	rise	VERB
ftr-312	601	8	tax	tax	NOUN
ftr-312	601	9	-	-	PUNCT
ftr-312	601	10	electivity	electivity	NOUN
ftr-312	601	11	of	of	ADP
ftr-312	601	12	u.s	u.s	PROPN
ftr-312	601	13	.	.	PROPN
ftr-312	601	14	corporate	corporate	ADJ
ftr-312	601	15	residence	residence	NOUN
ftr-312	601	16	,	,	PUNCT
ftr-312	601	17	supra	supra	PROPN
ftr-312	601	18	note	note	NOUN
ftr-312	601	19	2	2	NUM
ftr-312	601	20	,	,	PUNCT
ftr-312	601	21	at	at	ADP
ftr-312	601	22	383–84	383–84	NOUN
ftr-312	601	23	(	(	PUNCT
ftr-312	601	24	2011	2011	NUM
ftr-312	601	25	)	)	PUNCT
ftr-312	601	26	(	(	PUNCT
ftr-312	601	27	noting	note	VERB
ftr-312	601	28	that	that	SCONJ
ftr-312	601	29	the	the	DET
ftr-312	601	30	degree	degree	NOUN
ftr-312	601	31	of	of	ADP
ftr-312	601	32	electivity	electivity	NOUN
ftr-312	601	33	turns	turn	VERB
ftr-312	601	34	on	on	ADP
ftr-312	601	35	a	a	DET
ftr-312	601	36	comparison	comparison	NOUN
ftr-312	601	37	between	between	ADP
ftr-312	601	38	tax	tax	NOUN
ftr-312	601	39	advantages	advantage	NOUN
ftr-312	601	40	and	and	CCONJ
ftr-312	601	41	“	"	PUNCT
ftr-312	601	42	nontax	nontax	NOUN
ftr-312	601	43	consequences	consequence	NOUN
ftr-312	601	44	”	"	PUNCT
ftr-312	601	45	such	such	ADJ
ftr-312	601	46	as	as	ADP
ftr-312	601	47	corporate	corporate	ADJ
ftr-312	601	48	governance	governance	NOUN
ftr-312	601	49	)	)	PUNCT
ftr-312	601	50	.	.	PUNCT
ftr-312	602	1	2013	2013	NUM
ftr-312	602	2	]	]	PUNCT
ftr-312	602	3	tax	tax	NOUN
ftr-312	602	4	planning	planning	NOUN
ftr-312	602	5	and	and	CCONJ
ftr-312	602	6	initial	initial	ADJ
ftr-312	602	7	incorporation	incorporation	NOUN
ftr-312	602	8	location	location	NOUN
ftr-312	602	9	349	349	NUM
ftr-312	602	10	venture	venture	NOUN
ftr-312	602	11	capital	capital	NOUN
ftr-312	602	12	goals	goal	NOUN
ftr-312	602	13	.	.	PUNCT
ftr-312	603	1	its	its	PRON
ftr-312	603	2	widespread	widespread	ADJ
ftr-312	603	3	use	use	NOUN
ftr-312	603	4	may	may	AUX
ftr-312	603	5	also	also	ADV
ftr-312	603	6	reflect	reflect	VERB
ftr-312	603	7	lawyers	lawyer	NOUN
ftr-312	603	8	’	’	PART
ftr-312	603	9	aversion	aversion	NOUN
ftr-312	603	10	to	to	ADP
ftr-312	603	11	taking	take	VERB
ftr-312	603	12	on	on	ADP
ftr-312	603	13	the	the	DET
ftr-312	603	14	professional	professional	ADJ
ftr-312	603	15	risk	risk	NOUN
ftr-312	603	16	of	of	ADP
ftr-312	603	17	recommending	recommend	VERB
ftr-312	603	18	an	an	DET
ftr-312	603	19	untested	untested	ADJ
ftr-312	603	20	structure.145	structure.145	NOUN
ftr-312	603	21	another	another	DET
ftr-312	603	22	issue	issue	NOUN
ftr-312	603	23	is	be	AUX
ftr-312	603	24	collective	collective	ADJ
ftr-312	603	25	action	action	NOUN
ftr-312	603	26	,	,	PUNCT
ftr-312	603	27	since	since	SCONJ
ftr-312	603	28	developing	develop	VERB
ftr-312	603	29	a	a	DET
ftr-312	603	30	new	new	ADJ
ftr-312	603	31	startup	startup	NOUN
ftr-312	603	32	structure	structure	NOUN
ftr-312	603	33	norm	norm	NOUN
ftr-312	603	34	might	might	AUX
ftr-312	603	35	be	be	AUX
ftr-312	603	36	worthwhile	worthwhile	ADJ
ftr-312	603	37	only	only	ADV
ftr-312	603	38	if	if	SCONJ
ftr-312	603	39	the	the	DET
ftr-312	603	40	new	new	ADJ
ftr-312	603	41	structure	structure	NOUN
ftr-312	603	42	could	could	AUX
ftr-312	603	43	be	be	AUX
ftr-312	603	44	used	use	VERB
ftr-312	603	45	for	for	ADP
ftr-312	603	46	a	a	DET
ftr-312	603	47	large	large	ADJ
ftr-312	603	48	number	number	NOUN
ftr-312	603	49	of	of	ADP
ftr-312	603	50	clients.146	clients.146	PROPN
ftr-312	603	51	both	both	DET
ftr-312	603	52	the	the	DET
ftr-312	603	53	agency	agency	NOUN
ftr-312	603	54	cost	cost	NOUN
ftr-312	603	55	issue	issue	NOUN
ftr-312	603	56	and	and	CCONJ
ftr-312	603	57	the	the	DET
ftr-312	603	58	collective	collective	ADJ
ftr-312	603	59	action	action	NOUN
ftr-312	603	60	issue	issue	NOUN
ftr-312	603	61	suggest	suggest	VERB
ftr-312	603	62	that	that	SCONJ
ftr-312	603	63	significant	significant	ADJ
ftr-312	603	64	path	path	NOUN
ftr-312	603	65	-	-	PUNCT
ftr-312	603	66	dependent	dependent	ADJ
ftr-312	603	67	obstacles	obstacle	NOUN
ftr-312	603	68	would	would	AUX
ftr-312	603	69	block	block	VERB
ftr-312	603	70	the	the	DET
ftr-312	603	71	development	development	NOUN
ftr-312	603	72	of	of	ADP
ftr-312	603	73	a	a	DET
ftr-312	603	74	new	new	ADJ
ftr-312	603	75	norm	norm	NOUN
ftr-312	603	76	of	of	ADP
ftr-312	603	77	non	non	ADJ
ftr-312	603	78	-	-	ADJ
ftr-312	603	79	us	we	PRON
ftr-312	603	80	incorporation	incorporation	NOUN
ftr-312	603	81	of	of	ADP
ftr-312	603	82	us	we	PRON
ftr-312	603	83	-	-	PUNCT
ftr-312	603	84	based	base	VERB
ftr-312	603	85	startups	startup	NOUN
ftr-312	603	86	in	in	ADP
ftr-312	603	87	reaction	reaction	NOUN
ftr-312	603	88	to	to	ADP
ftr-312	603	89	a	a	DET
ftr-312	603	90	tightening	tightening	NOUN
ftr-312	603	91	of	of	ADP
ftr-312	603	92	us	us	PROPN
ftr-312	603	93	tax	tax	NOUN
ftr-312	603	94	law	law	NOUN
ftr-312	603	95	applicable	applicable	ADJ
ftr-312	603	96	to	to	ADP
ftr-312	603	97	us	we	PRON
ftr-312	603	98	-	-	PUNCT
ftr-312	603	99	parented	parent	VERB
ftr-312	603	100	mncs	mncs	PROPN
ftr-312	603	101	.	.	PUNCT
ftr-312	604	1	this	this	PRON
ftr-312	604	2	applies	apply	VERB
ftr-312	604	3	in	in	ADP
ftr-312	604	4	particular	particular	ADJ
ftr-312	604	5	to	to	ADP
ftr-312	604	6	venture	venture	NOUN
ftr-312	604	7	-	-	PUNCT
ftr-312	604	8	backed	back	VERB
ftr-312	604	9	startups	startup	NOUN
ftr-312	604	10	because	because	SCONJ
ftr-312	604	11	the	the	DET
ftr-312	604	12	advisor	advisor	NOUN
ftr-312	604	13	community	community	NOUN
ftr-312	604	14	that	that	PRON
ftr-312	604	15	serves	serve	VERB
ftr-312	604	16	these	these	DET
ftr-312	604	17	firms	firm	NOUN
ftr-312	604	18	shows	show	VERB
ftr-312	604	19	a	a	DET
ftr-312	604	20	strong	strong	ADJ
ftr-312	604	21	commitment	commitment	NOUN
ftr-312	604	22	to	to	ADP
ftr-312	604	23	a	a	DET
ftr-312	604	24	us	us	PROPN
ftr-312	604	25	-	-	PUNCT
ftr-312	604	26	incorporation	incorporation	NOUN
ftr-312	604	27	norm	norm	NOUN
ftr-312	604	28	for	for	ADP
ftr-312	604	29	us	we	PRON
ftr-312	604	30	-	-	PUNCT
ftr-312	604	31	based	base	VERB
ftr-312	604	32	firms	firm	NOUN
ftr-312	604	33	.	.	PUNCT
ftr-312	605	1	gatekeeper	gatekeeper	NOUN
ftr-312	605	2	network	network	NOUN
ftr-312	605	3	effects	effect	NOUN
ftr-312	605	4	would	would	AUX
ftr-312	605	5	influence	influence	VERB
ftr-312	605	6	any	any	DET
ftr-312	605	7	change	change	NOUN
ftr-312	605	8	to	to	ADP
ftr-312	605	9	the	the	DET
ftr-312	605	10	prevailing	prevail	VERB
ftr-312	605	11	norm	norm	NOUN
ftr-312	605	12	,	,	PUNCT
ftr-312	605	13	including	include	VERB
ftr-312	605	14	a	a	DET
ftr-312	605	15	change	change	NOUN
ftr-312	605	16	from	from	ADP
ftr-312	605	17	a	a	DET
ftr-312	605	18	default	default	NOUN
ftr-312	605	19	of	of	ADP
ftr-312	605	20	us	we	PRON
ftr-312	605	21	incorporation	incorporation	NOUN
ftr-312	605	22	to	to	ADP
ftr-312	605	23	a	a	DET
ftr-312	605	24	default	default	NOUN
ftr-312	605	25	of	of	ADP
ftr-312	605	26	non	non	ADJ
ftr-312	605	27	-	-	ADJ
ftr-312	605	28	us	we	PRON
ftr-312	605	29	incorporation.147	incorporation.147	PROPN
ftr-312	605	30	d.	d.	NOUN
ftr-312	605	31	considering	consider	VERB
ftr-312	605	32	future	future	ADJ
ftr-312	605	33	law	law	NOUN
ftr-312	605	34	changes	change	NOUN
ftr-312	605	35	in	in	ADP
ftr-312	605	36	the	the	DET
ftr-312	605	37	future	future	NOUN
ftr-312	605	38	,	,	PUNCT
ftr-312	605	39	congress	congress	PROPN
ftr-312	605	40	could	could	AUX
ftr-312	605	41	impose	impose	VERB
ftr-312	605	42	onerous	onerous	ADJ
ftr-312	605	43	tax	tax	NOUN
ftr-312	605	44	rules	rule	NOUN
ftr-312	605	45	on	on	ADP
ftr-312	605	46	usparented	usparented	ADJ
ftr-312	605	47	mncs.148	mncs.148	PROPN
ftr-312	605	48	it	it	PRON
ftr-312	605	49	also	also	ADV
ftr-312	605	50	could	could	AUX
ftr-312	605	51	impose	impose	VERB
ftr-312	605	52	onerous	onerous	ADJ
ftr-312	605	53	non	non	ADJ
ftr-312	605	54	-	-	ADJ
ftr-312	605	55	tax	tax	ADJ
ftr-312	605	56	rules	rule	NOUN
ftr-312	605	57	on	on	ADP
ftr-312	605	58	us	we	PRON
ftr-312	605	59	145	145	NUM
ftr-312	605	60	.	.	PUNCT
ftr-312	606	1	see	see	VERB
ftr-312	606	2	gilson	gilson	PROPN
ftr-312	606	3	,	,	PUNCT
ftr-312	606	4	engineering	engineer	VERB
ftr-312	606	5	a	a	DET
ftr-312	606	6	venture	venture	NOUN
ftr-312	606	7	capital	capital	NOUN
ftr-312	606	8	market	market	NOUN
ftr-312	606	9	,	,	PUNCT
ftr-312	606	10	supra	supra	PROPN
ftr-312	606	11	note	note	PROPN
ftr-312	606	12	35	35	NUM
ftr-312	606	13	.	.	PUNCT
ftr-312	607	1	cf	cf	NOUN
ftr-312	607	2	.	.	PUNCT
ftr-312	608	1	ruth	ruth	PROPN
ftr-312	608	2	mason	mason	PROPN
ftr-312	608	3	,	,	PUNCT
ftr-312	608	4	delegating	delegate	VERB
ftr-312	608	5	up	up	ADP
ftr-312	608	6	:	:	PUNCT
ftr-312	608	7	state	state	NOUN
ftr-312	608	8	conformity	conformity	NOUN
ftr-312	608	9	with	with	ADP
ftr-312	608	10	the	the	DET
ftr-312	608	11	federal	federal	ADJ
ftr-312	608	12	tax	tax	NOUN
ftr-312	608	13	base	base	NOUN
ftr-312	608	14	,	,	PUNCT
ftr-312	608	15	62	62	NUM
ftr-312	608	16	duke	duke	PROPN
ftr-312	608	17	l.j	l.j	PROPN
ftr-312	608	18	.	.	PROPN
ftr-312	608	19	1267	1267	NUM
ftr-312	608	20	,	,	PUNCT
ftr-312	608	21	1323–24	1323–24	NUM
ftr-312	608	22	(	(	PUNCT
ftr-312	608	23	2013	2013	NUM
ftr-312	608	24	)	)	PUNCT
ftr-312	608	25	(	(	PUNCT
ftr-312	608	26	referencing	reference	VERB
ftr-312	608	27	other	other	ADJ
ftr-312	608	28	literature	literature	NOUN
ftr-312	608	29	on	on	ADP
ftr-312	608	30	the	the	DET
ftr-312	608	31	“	"	PUNCT
ftr-312	608	32	stickiness	stickiness	NOUN
ftr-312	608	33	”	"	PUNCT
ftr-312	608	34	of	of	ADP
ftr-312	608	35	contract	contract	NOUN
ftr-312	608	36	default	default	NOUN
ftr-312	608	37	terms	term	NOUN
ftr-312	608	38	)	)	PUNCT
ftr-312	608	39	.	.	PUNCT
ftr-312	609	1	146	146	NUM
ftr-312	609	2	.	.	PUNCT
ftr-312	610	1	see	see	VERB
ftr-312	610	2	bankman	bankman	NOUN
ftr-312	610	3	,	,	PUNCT
ftr-312	610	4	the	the	DET
ftr-312	610	5	structure	structure	NOUN
ftr-312	610	6	of	of	ADP
ftr-312	610	7	silicon	silicon	PROPN
ftr-312	610	8	valley	valley	PROPN
ftr-312	610	9	start	start	NOUN
ftr-312	610	10	-	-	PUNCT
ftr-312	610	11	ups	up	NOUN
ftr-312	610	12	,	,	PUNCT
ftr-312	610	13	supra	supra	PROPN
ftr-312	610	14	note	note	NOUN
ftr-312	610	15	4	4	NUM
ftr-312	610	16	,	,	PUNCT
ftr-312	610	17	at	at	ADP
ftr-312	610	18	1767–68	1767–68	NUM
ftr-312	610	19	(	(	PUNCT
ftr-312	610	20	considering	consider	VERB
ftr-312	610	21	reduced	reduce	VERB
ftr-312	610	22	transaction	transaction	NOUN
ftr-312	610	23	costs	cost	NOUN
ftr-312	610	24	and	and	CCONJ
ftr-312	610	25	venture	venture	NOUN
ftr-312	610	26	capitalists	capitalist	NOUN
ftr-312	610	27	’	'	PUNCT
ftr-312	610	28	collective	collective	ADJ
ftr-312	610	29	action	action	NOUN
ftr-312	610	30	problem	problem	NOUN
ftr-312	610	31	)	)	PUNCT
ftr-312	610	32	.	.	PUNCT
ftr-312	611	1	see	see	VERB
ftr-312	611	2	generally	generally	ADV
ftr-312	611	3	mancur	mancur	PROPN
ftr-312	611	4	olson	olson	PROPN
ftr-312	611	5	,	,	PUNCT
ftr-312	611	6	the	the	DET
ftr-312	611	7	logic	logic	NOUN
ftr-312	611	8	of	of	ADP
ftr-312	611	9	collective	collective	ADJ
ftr-312	611	10	action	action	NOUN
ftr-312	611	11	(	(	PUNCT
ftr-312	611	12	1965	1965	NUM
ftr-312	611	13	)	)	PUNCT
ftr-312	611	14	.	.	PUNCT
ftr-312	612	1	147	147	NUM
ftr-312	612	2	.	.	PUNCT
ftr-312	613	1	see	see	VERB
ftr-312	613	2	marcel	marcel	PROPN
ftr-312	613	3	kahan	kahan	PROPN
ftr-312	613	4	&	&	CCONJ
ftr-312	613	5	michael	michael	PROPN
ftr-312	613	6	klausner	klausner	PROPN
ftr-312	613	7	,	,	PUNCT
ftr-312	613	8	standardization	standardization	NOUN
ftr-312	613	9	and	and	CCONJ
ftr-312	613	10	innovation	innovation	NOUN
ftr-312	613	11	in	in	ADP
ftr-312	613	12	corporate	corporate	ADJ
ftr-312	613	13	contracting	contracting	NOUN
ftr-312	613	14	(	(	PUNCT
ftr-312	613	15	or	or	CCONJ
ftr-312	613	16	“	"	PUNCT
ftr-312	613	17	the	the	DET
ftr-312	613	18	economics	economic	NOUN
ftr-312	613	19	of	of	ADP
ftr-312	613	20	boilerplate	boilerplate	NOUN
ftr-312	613	21	”	"	PUNCT
ftr-312	613	22	)	)	PUNCT
ftr-312	613	23	,	,	PUNCT
ftr-312	613	24	83	83	NUM
ftr-312	613	25	va	va	NOUN
ftr-312	613	26	.	.	PUNCT
ftr-312	614	1	l.	l.	PROPN
ftr-312	614	2	rev	rev	AUX
ftr-312	614	3	.	.	PROPN
ftr-312	614	4	713	713	NUM
ftr-312	614	5	,	,	PUNCT
ftr-312	614	6	729	729	NUM
ftr-312	614	7	(	(	PUNCT
ftr-312	614	8	1997	1997	NUM
ftr-312	614	9	)	)	PUNCT
ftr-312	614	10	(	(	PUNCT
ftr-312	614	11	contending	contend	VERB
ftr-312	614	12	that	that	SCONJ
ftr-312	614	13	“	"	PUNCT
ftr-312	614	14	learning	learn	VERB
ftr-312	614	15	and	and	CCONJ
ftr-312	614	16	network	network	NOUN
ftr-312	614	17	benefits	benefit	NOUN
ftr-312	614	18	”	"	PUNCT
ftr-312	614	19	encourage	encourage	VERB
ftr-312	614	20	boilerplate	boilerplate	NOUN
ftr-312	614	21	and	and	CCONJ
ftr-312	614	22	“	"	PUNCT
ftr-312	614	23	path	path	NOUN
ftr-312	614	24	dependence	dependence	NOUN
ftr-312	614	25	”	"	PUNCT
ftr-312	614	26	)	)	PUNCT
ftr-312	614	27	.	.	PUNCT
ftr-312	615	1	cf	cf	X
ftr-312	615	2	.	.	PUNCT
ftr-312	616	1	robert	robert	PROPN
ftr-312	616	2	cooter	cooter	PROPN
ftr-312	616	3	,	,	PUNCT
ftr-312	616	4	do	do	AUX
ftr-312	616	5	good	good	ADJ
ftr-312	616	6	laws	law	NOUN
ftr-312	616	7	make	make	VERB
ftr-312	616	8	good	good	ADJ
ftr-312	616	9	citizens	citizen	NOUN
ftr-312	616	10	?	?	PUNCT
ftr-312	617	1	an	an	DET
ftr-312	617	2	economic	economic	ADJ
ftr-312	617	3	analysis	analysis	NOUN
ftr-312	617	4	of	of	ADP
ftr-312	617	5	internalized	internalized	ADJ
ftr-312	617	6	norms	norm	NOUN
ftr-312	617	7	,	,	PUNCT
ftr-312	617	8	86	86	NUM
ftr-312	617	9	va	va	NOUN
ftr-312	617	10	.	.	PUNCT
ftr-312	618	1	l.	l.	PROPN
ftr-312	618	2	rev	rev	PROPN
ftr-312	618	3	.	.	PROPN
ftr-312	618	4	1577	1577	NUM
ftr-312	618	5	,	,	PUNCT
ftr-312	618	6	1585	1585	NUM
ftr-312	618	7	–	–	PUNCT
ftr-312	618	8	87	87	NUM
ftr-312	618	9	(	(	PUNCT
ftr-312	618	10	2000	2000	NUM
ftr-312	618	11	)	)	PUNCT
ftr-312	618	12	(	(	PUNCT
ftr-312	618	13	noting	note	VERB
ftr-312	618	14	that	that	SCONJ
ftr-312	618	15	social	social	ADJ
ftr-312	618	16	norms	norm	NOUN
ftr-312	618	17	present	present	VERB
ftr-312	618	18	the	the	DET
ftr-312	618	19	possibility	possibility	NOUN
ftr-312	618	20	of	of	ADP
ftr-312	618	21	multiple	multiple	ADJ
ftr-312	618	22	equilibria	equilibrium	NOUN
ftr-312	618	23	in	in	ADP
ftr-312	618	24	part	part	NOUN
ftr-312	618	25	because	because	SCONJ
ftr-312	618	26	of	of	ADP
ftr-312	618	27	“	"	PUNCT
ftr-312	618	28	fixed	fix	VERB
ftr-312	618	29	costs	cost	NOUN
ftr-312	618	30	and	and	CCONJ
ftr-312	618	31	network	network	NOUN
ftr-312	618	32	effects	effect	NOUN
ftr-312	618	33	”	"	PUNCT
ftr-312	618	34	)	)	PUNCT
ftr-312	618	35	.	.	PUNCT
ftr-312	619	1	148	148	NUM
ftr-312	619	2	.	.	PUNCT
ftr-312	620	1	courts	court	NOUN
ftr-312	620	2	have	have	AUX
ftr-312	620	3	held	hold	VERB
ftr-312	620	4	that	that	SCONJ
ftr-312	620	5	the	the	DET
ftr-312	620	6	constitution	constitution	NOUN
ftr-312	620	7	does	do	AUX
ftr-312	620	8	not	not	PART
ftr-312	620	9	prevent	prevent	VERB
ftr-312	620	10	congress	congress	PROPN
ftr-312	620	11	from	from	ADP
ftr-312	620	12	imposing	impose	VERB
ftr-312	620	13	a	a	DET
ftr-312	620	14	full	full	ADJ
ftr-312	620	15	current	current	ADJ
ftr-312	620	16	tax	tax	NOUN
ftr-312	620	17	on	on	ADP
ftr-312	620	18	all	all	PRON
ftr-312	620	19	of	of	ADP
ftr-312	620	20	the	the	DET
ftr-312	620	21	income	income	NOUN
ftr-312	620	22	earned	earn	VERB
ftr-312	620	23	by	by	ADP
ftr-312	620	24	non	non	ADJ
ftr-312	620	25	-	-	ADJ
ftr-312	620	26	us	us	ADJ
ftr-312	620	27	subsidiaries	subsidiary	NOUN
ftr-312	620	28	of	of	ADP
ftr-312	620	29	us	us	PROPN
ftr-312	620	30	parents	parent	NOUN
ftr-312	620	31	.	.	PUNCT
ftr-312	621	1	see	see	VERB
ftr-312	621	2	,	,	PUNCT
ftr-312	621	3	e.g.	e.g.	ADV
ftr-312	621	4	,	,	PUNCT
ftr-312	621	5	garlock	garlock	PROPN
ftr-312	621	6	inc	inc	PROPN
ftr-312	621	7	.	.	PROPN
ftr-312	622	1	v.	v.	PROPN
ftr-312	622	2	commissioner	commissioner	PROPN
ftr-312	622	3	,	,	PUNCT
ftr-312	622	4	489	489	NUM
ftr-312	622	5	f.2d	f.2d	ADP
ftr-312	622	6	197	197	NUM
ftr-312	622	7	,	,	PUNCT
ftr-312	622	8	202	202	NUM
ftr-312	622	9	-	-	SYM
ftr-312	622	10	03	03	NUM
ftr-312	622	11	(	(	PUNCT
ftr-312	622	12	2d	2d	NUM
ftr-312	622	13	cir	cir	NOUN
ftr-312	622	14	.	.	PROPN
ftr-312	622	15	1973	1973	NUM
ftr-312	622	16	)	)	PUNCT
ftr-312	623	1	(	(	PUNCT
ftr-312	623	2	holding	hold	VERB
ftr-312	623	3	subpart	subpart	NOUN
ftr-312	623	4	f	f	X
ftr-312	623	5	’s	’s	PART
ftr-312	623	6	current	current	ADJ
ftr-312	623	7	taxation	taxation	NOUN
ftr-312	623	8	of	of	ADP
ftr-312	623	9	us	us	PROPN
ftr-312	623	10	shareholders	shareholder	NOUN
ftr-312	623	11	constitutional	constitutional	ADJ
ftr-312	623	12	)	)	PUNCT
ftr-312	623	13	(	(	PUNCT
ftr-312	623	14	citing	cite	VERB
ftr-312	623	15	heiner	heiner	PROPN
ftr-312	623	16	v.	v.	ADP
ftr-312	623	17	mellon	mellon	PROPN
ftr-312	623	18	,	,	PUNCT
ftr-312	623	19	304	304	NUM
ftr-312	623	20	u.s	u.s	PROPN
ftr-312	623	21	.	.	PROPN
ftr-312	623	22	271	271	NUM
ftr-312	623	23	,	,	PUNCT
ftr-312	623	24	281	281	NUM
ftr-312	623	25	(	(	PUNCT
ftr-312	623	26	1938	1938	NUM
ftr-312	623	27	)	)	PUNCT
ftr-312	623	28	(	(	PUNCT
ftr-312	623	29	holding	hold	VERB
ftr-312	623	30	constitutional	constitutional	ADJ
ftr-312	623	31	the	the	DET
ftr-312	623	32	taxation	taxation	NOUN
ftr-312	623	33	of	of	ADP
ftr-312	623	34	a	a	DET
ftr-312	623	35	partner	partner	NOUN
ftr-312	623	36	on	on	ADP
ftr-312	623	37	partnership	partnership	NOUN
ftr-312	623	38	distributive	distributive	ADJ
ftr-312	623	39	share	share	NOUN
ftr-312	623	40	regardless	regardless	ADV
ftr-312	623	41	of	of	ADP
ftr-312	623	42	“	"	PUNCT
ftr-312	623	43	the	the	DET
ftr-312	623	44	fact	fact	NOUN
ftr-312	623	45	that	that	SCONJ
ftr-312	623	46	it	it	PRON
ftr-312	623	47	may	may	AUX
ftr-312	623	48	not	not	PART
ftr-312	623	49	be	be	AUX
ftr-312	623	50	currently	currently	ADV
ftr-312	623	51	distributable	distributable	ADJ
ftr-312	623	52	as	as	ADP
ftr-312	623	53	a	a	DET
ftr-312	623	54	matter	matter	NOUN
ftr-312	623	55	of	of	ADP
ftr-312	623	56	state	state	NOUN
ftr-312	623	57	law	law	NOUN
ftr-312	623	58	”	"	PUNCT
ftr-312	623	59	)	)	PUNCT
ftr-312	623	60	)	)	PUNCT
ftr-312	623	61	,	,	PUNCT
ftr-312	623	62	cert	cert	PROPN
ftr-312	623	63	.	.	PUNCT
ftr-312	624	1	denied	deny	VERB
ftr-312	624	2	,	,	PUNCT
ftr-312	624	3	417	417	NUM
ftr-312	624	4	u.s	u.s	PROPN
ftr-312	624	5	.	.	PROPN
ftr-312	624	6	911	911	NUM
ftr-312	624	7	(	(	PUNCT
ftr-312	624	8	1974	1974	NUM
ftr-312	624	9	)	)	PUNCT
ftr-312	624	10	.	.	PUNCT
ftr-312	625	1	see	see	AUX
ftr-312	625	2	also	also	ADV
ftr-312	625	3	cook	cook	VERB
ftr-312	625	4	v.	v.	ADP
ftr-312	625	5	tait	tait	PROPN
ftr-312	625	6	,	,	PUNCT
ftr-312	625	7	265	265	NUM
ftr-312	625	8	u.s	u.s	PROPN
ftr-312	625	9	.	.	PROPN
ftr-312	625	10	47	47	NUM
ftr-312	625	11	(	(	PUNCT
ftr-312	625	12	1924	1924	NUM
ftr-312	625	13	)	)	PUNCT
ftr-312	625	14	(	(	PUNCT
ftr-312	625	15	rejecting	reject	VERB
ftr-312	625	16	the	the	DET
ftr-312	625	17	contention	contention	NOUN
ftr-312	625	18	that	that	SCONJ
ftr-312	625	19	substantive	substantive	ADJ
ftr-312	625	20	due	due	ADJ
ftr-312	625	21	process	process	NOUN
ftr-312	625	22	concerns	concern	NOUN
ftr-312	625	23	blocked	block	VERB
ftr-312	625	24	the	the	DET
ftr-312	625	25	united	united	PROPN
ftr-312	625	26	state	state	PROPN
ftr-312	625	27	’s	’s	PART
ftr-312	625	28	ability	ability	NOUN
ftr-312	625	29	to	to	PART
ftr-312	625	30	tax	tax	VERB
ftr-312	625	31	noncitizen	noncitizen	NOUN
ftr-312	625	32	individuals	individual	NOUN
ftr-312	625	33	)	)	PUNCT
ftr-312	625	34	;	;	PUNCT
ftr-312	625	35	flint	flint	NOUN
ftr-312	625	36	v	v	NUM
ftr-312	625	37	stone	stone	PROPN
ftr-312	625	38	tracy	tracy	PROPN
ftr-312	625	39	co.	co.	PROPN
ftr-312	625	40	,	,	PUNCT
ftr-312	625	41	220	220	NUM
ftr-312	625	42	u.s	u.s	PROPN
ftr-312	625	43	.	.	PROPN
ftr-312	625	44	107	107	NUM
ftr-312	625	45	,	,	PUNCT
ftr-312	625	46	151	151	NUM
ftr-312	625	47	-	-	SYM
ftr-312	625	48	52	52	NUM
ftr-312	625	49	(	(	PUNCT
ftr-312	625	50	1911	1911	NUM
ftr-312	625	51	)	)	PUNCT
ftr-312	625	52	(	(	PUNCT
ftr-312	625	53	holding	hold	VERB
ftr-312	625	54	a	a	DET
ftr-312	625	55	350	350	NUM
ftr-312	625	56	florida	florida	PROPN
ftr-312	625	57	tax	tax	NOUN
ftr-312	625	58	review	review	NOUN
ftr-312	626	1	[	[	X
ftr-312	626	2	vol	vol	NOUN
ftr-312	626	3	.	.	PUNCT
ftr-312	627	1	14:8	14:8	NUM
ftr-312	627	2	parented	parented	ADJ
ftr-312	627	3	mncs	mncs	PROPN
ftr-312	627	4	.	.	PUNCT
ftr-312	628	1	but	but	CCONJ
ftr-312	628	2	available	available	ADJ
ftr-312	628	3	data	datum	NOUN
ftr-312	628	4	does	do	AUX
ftr-312	628	5	not	not	PART
ftr-312	628	6	suggest	suggest	VERB
ftr-312	628	7	that	that	SCONJ
ftr-312	628	8	startups	startup	NOUN
ftr-312	628	9	place	place	VERB
ftr-312	628	10	importance	importance	NOUN
ftr-312	628	11	on	on	ADP
ftr-312	628	12	the	the	DET
ftr-312	628	13	possibility	possibility	NOUN
ftr-312	628	14	of	of	ADP
ftr-312	628	15	future	future	ADJ
ftr-312	628	16	changes	change	NOUN
ftr-312	628	17	in	in	ADP
ftr-312	628	18	us	us	PROPN
ftr-312	628	19	tax	tax	NOUN
ftr-312	628	20	law	law	NOUN
ftr-312	628	21	that	that	PRON
ftr-312	628	22	would	would	AUX
ftr-312	628	23	be	be	AUX
ftr-312	628	24	adverse	adverse	ADJ
ftr-312	628	25	to	to	ADP
ftr-312	628	26	us	we	PRON
ftr-312	628	27	-	-	PUNCT
ftr-312	628	28	parented	parent	VERB
ftr-312	628	29	mnc	mnc	PROPN
ftr-312	628	30	structures	structure	NOUN
ftr-312	628	31	when	when	SCONJ
ftr-312	628	32	they	they	PRON
ftr-312	628	33	consider	consider	VERB
ftr-312	628	34	how	how	SCONJ
ftr-312	628	35	to	to	PART
ftr-312	628	36	organize	organize	VERB
ftr-312	628	37	.	.	PUNCT
ftr-312	629	1	several	several	ADJ
ftr-312	629	2	possible	possible	ADJ
ftr-312	629	3	reasons	reason	NOUN
ftr-312	629	4	may	may	AUX
ftr-312	629	5	support	support	VERB
ftr-312	629	6	this	this	DET
ftr-312	629	7	lack	lack	NOUN
ftr-312	629	8	of	of	ADP
ftr-312	629	9	concern	concern	NOUN
ftr-312	629	10	.	.	PUNCT
ftr-312	630	1	legislative	legislative	ADJ
ftr-312	630	2	process	process	NOUN
ftr-312	630	3	obstacles	obstacle	NOUN
ftr-312	630	4	and	and	CCONJ
ftr-312	630	5	interest	interest	NOUN
ftr-312	630	6	group	group	NOUN
ftr-312	630	7	lobbying	lobbying	NOUN
ftr-312	630	8	may	may	AUX
ftr-312	630	9	block	block	VERB
ftr-312	630	10	us	we	PRON
ftr-312	630	11	legal	legal	ADJ
ftr-312	630	12	changes	change	NOUN
ftr-312	630	13	adverse	adverse	ADJ
ftr-312	630	14	to	to	ADP
ftr-312	630	15	us	we	PRON
ftr-312	630	16	-	-	PUNCT
ftr-312	630	17	parented	parent	VERB
ftr-312	630	18	mncs	mncs	PROPN
ftr-312	630	19	.	.	PUNCT
ftr-312	631	1	similar	similar	ADJ
ftr-312	631	2	considerations	consideration	NOUN
ftr-312	631	3	may	may	AUX
ftr-312	631	4	not	not	PART
ftr-312	631	5	produce	produce	VERB
ftr-312	631	6	similarly	similarly	ADV
ftr-312	631	7	formidable	formidable	ADJ
ftr-312	631	8	obstacles	obstacle	NOUN
ftr-312	631	9	to	to	ADP
ftr-312	631	10	legal	legal	ADJ
ftr-312	631	11	change	change	NOUN
ftr-312	631	12	adverse	adverse	ADJ
ftr-312	631	13	to	to	ADP
ftr-312	631	14	non	non	ADJ
ftr-312	631	15	-	-	ADJ
ftr-312	631	16	usparented	usparented	ADJ
ftr-312	631	17	mncs	mnc	NOUN
ftr-312	631	18	,	,	PUNCT
ftr-312	631	19	whether	whether	SCONJ
ftr-312	631	20	under	under	ADP
ftr-312	631	21	us	we	PRON
ftr-312	631	22	or	or	CCONJ
ftr-312	631	23	non	non	ADJ
ftr-312	631	24	-	-	ADJ
ftr-312	631	25	us	us	ADJ
ftr-312	631	26	law	law	NOUN
ftr-312	631	27	.	.	PUNCT
ftr-312	632	1	in	in	ADP
ftr-312	632	2	addition	addition	NOUN
ftr-312	632	3	,	,	PUNCT
ftr-312	632	4	the	the	DET
ftr-312	632	5	experience	experience	NOUN
ftr-312	632	6	of	of	ADP
ftr-312	632	7	us	we	PRON
ftr-312	632	8	-	-	PUNCT
ftr-312	632	9	based	base	VERB
ftr-312	632	10	startups	startup	NOUN
ftr-312	632	11	and	and	CCONJ
ftr-312	632	12	their	their	PRON
ftr-312	632	13	advisors	advisor	NOUN
ftr-312	632	14	with	with	ADP
ftr-312	632	15	us	us	PROPN
ftr-312	632	16	law	law	NOUN
ftr-312	632	17	and	and	CCONJ
ftr-312	632	18	legal	legal	ADJ
ftr-312	632	19	change	change	NOUN
ftr-312	632	20	may	may	AUX
ftr-312	632	21	provide	provide	VERB
ftr-312	632	22	a	a	DET
ftr-312	632	23	greater	great	ADJ
ftr-312	632	24	degree	degree	NOUN
ftr-312	632	25	of	of	ADP
ftr-312	632	26	certainty	certainty	NOUN
ftr-312	632	27	about	about	ADP
ftr-312	632	28	the	the	DET
ftr-312	632	29	low	low	ADJ
ftr-312	632	30	likelihood	likelihood	NOUN
ftr-312	632	31	of	of	ADP
ftr-312	632	32	change	change	NOUN
ftr-312	632	33	in	in	ADP
ftr-312	632	34	the	the	DET
ftr-312	632	35	united	united	PROPN
ftr-312	632	36	states	states	PROPN
ftr-312	632	37	,	,	PUNCT
ftr-312	632	38	particularly	particularly	ADV
ftr-312	632	39	with	with	ADP
ftr-312	632	40	respect	respect	NOUN
ftr-312	632	41	to	to	PART
ftr-312	632	42	change	change	VERB
ftr-312	632	43	applicable	applicable	ADJ
ftr-312	632	44	to	to	ADP
ftr-312	632	45	us	we	PRON
ftr-312	632	46	-	-	PUNCT
ftr-312	632	47	parented	parent	VERB
ftr-312	632	48	structures	structure	NOUN
ftr-312	632	49	.	.	PUNCT
ftr-312	633	1	us	we	PRON
ftr-312	633	2	-	-	PUNCT
ftr-312	633	3	based	base	VERB
ftr-312	633	4	advisors	advisor	NOUN
ftr-312	633	5	have	have	VERB
ftr-312	633	6	good	good	ADJ
ftr-312	633	7	reasons	reason	NOUN
ftr-312	633	8	based	base	VERB
ftr-312	633	9	on	on	ADP
ftr-312	633	10	a	a	DET
ftr-312	633	11	significant	significant	ADJ
ftr-312	633	12	body	body	NOUN
ftr-312	633	13	of	of	ADP
ftr-312	633	14	data	datum	NOUN
ftr-312	633	15	to	to	PART
ftr-312	633	16	believe	believe	VERB
ftr-312	633	17	that	that	SCONJ
ftr-312	633	18	legal	legal	ADJ
ftr-312	633	19	changes	change	NOUN
ftr-312	633	20	adverse	adverse	ADJ
ftr-312	633	21	to	to	ADP
ftr-312	633	22	a	a	DET
ftr-312	633	23	us	us	PROPN
ftr-312	633	24	-	-	PUNCT
ftr-312	633	25	parented	parent	VERB
ftr-312	633	26	mnc	mnc	PROPN
ftr-312	633	27	structure	structure	NOUN
ftr-312	633	28	are	be	AUX
ftr-312	633	29	unlikely	unlikely	ADJ
ftr-312	633	30	.	.	PUNCT
ftr-312	634	1	legislators	legislator	NOUN
ftr-312	634	2	may	may	AUX
ftr-312	634	3	hotly	hotly	ADV
ftr-312	634	4	criticize	criticize	VERB
ftr-312	634	5	mnc	mnc	PROPN
ftr-312	634	6	tax	tax	NOUN
ftr-312	634	7	planning	planning	NOUN
ftr-312	634	8	in	in	ADP
ftr-312	634	9	public	public	ADJ
ftr-312	634	10	hearings.149	hearings.149	NOUN
ftr-312	634	11	but	but	CCONJ
ftr-312	634	12	congressional	congressional	ADJ
ftr-312	634	13	policy	policy	NOUN
ftr-312	634	14	goals	goal	NOUN
ftr-312	634	15	also	also	ADV
ftr-312	634	16	explicitly	explicitly	ADV
ftr-312	634	17	include	include	VERB
ftr-312	634	18	corporate	corporate	ADJ
ftr-312	634	19	income	income	NOUN
ftr-312	634	20	tax	tax	NOUN
ftr-312	634	21	constitutional	constitutional	NOUN
ftr-312	634	22	because	because	SCONJ
ftr-312	634	23	of	of	ADP
ftr-312	634	24	its	its	PRON
ftr-312	634	25	nature	nature	NOUN
ftr-312	634	26	as	as	ADP
ftr-312	634	27	an	an	DET
ftr-312	634	28	excise	excise	NOUN
ftr-312	634	29	tax	tax	NOUN
ftr-312	634	30	,	,	PUNCT
ftr-312	634	31	not	not	PART
ftr-312	634	32	a	a	DET
ftr-312	634	33	“	"	PUNCT
ftr-312	634	34	direct	direct	ADJ
ftr-312	634	35	”	"	PUNCT
ftr-312	634	36	tax	tax	NOUN
ftr-312	634	37	subject	subject	NOUN
ftr-312	634	38	to	to	ADP
ftr-312	634	39	apportionment	apportionment	NOUN
ftr-312	634	40	)	)	PUNCT
ftr-312	634	41	.	.	PUNCT
ftr-312	635	1	several	several	ADJ
ftr-312	635	2	proposals	proposal	NOUN
ftr-312	635	3	for	for	ADP
ftr-312	635	4	international	international	ADJ
ftr-312	635	5	corporate	corporate	ADJ
ftr-312	635	6	tax	tax	NOUN
ftr-312	635	7	reform	reform	NOUN
ftr-312	635	8	could	could	AUX
ftr-312	635	9	,	,	PUNCT
ftr-312	635	10	depending	depend	VERB
ftr-312	635	11	on	on	ADP
ftr-312	635	12	the	the	DET
ftr-312	635	13	details	detail	NOUN
ftr-312	635	14	,	,	PUNCT
ftr-312	635	15	increase	increase	VERB
ftr-312	635	16	the	the	DET
ftr-312	635	17	tax	tax	NOUN
ftr-312	635	18	burden	burden	NOUN
ftr-312	635	19	of	of	ADP
ftr-312	635	20	us	us	PROPN
ftr-312	635	21	-	-	PUNCT
ftr-312	635	22	parented	parent	VERB
ftr-312	635	23	multinationals	multinational	NOUN
ftr-312	635	24	.	.	PUNCT
ftr-312	636	1	one	one	NUM
ftr-312	636	2	option	option	NOUN
ftr-312	636	3	is	be	AUX
ftr-312	636	4	worldwide	worldwide	ADJ
ftr-312	636	5	consolidation	consolidation	NOUN
ftr-312	636	6	.	.	PUNCT
ftr-312	637	1	see	see	VERB
ftr-312	637	2	,	,	PUNCT
ftr-312	637	3	e.g.	e.g.	ADV
ftr-312	637	4	,	,	PUNCT
ftr-312	637	5	kleinbard	kleinbard	ADJ
ftr-312	637	6	,	,	PUNCT
ftr-312	637	7	stateless	stateless	NOUN
ftr-312	637	8	income	income	NOUN
ftr-312	637	9	,	,	PUNCT
ftr-312	637	10	supra	supra	PROPN
ftr-312	637	11	note	note	NOUN
ftr-312	637	12	7	7	NUM
ftr-312	637	13	,	,	PUNCT
ftr-312	637	14	at	at	ADP
ftr-312	637	15	152–55	152–55	NUM
ftr-312	637	16	(	(	PUNCT
ftr-312	637	17	listing	list	VERB
ftr-312	637	18	advantages	advantage	NOUN
ftr-312	637	19	of	of	ADP
ftr-312	637	20	worldwide	worldwide	ADJ
ftr-312	637	21	consolidation	consolidation	NOUN
ftr-312	637	22	,	,	PUNCT
ftr-312	637	23	including	include	VERB
ftr-312	637	24	satisfaction	satisfaction	NOUN
ftr-312	637	25	of	of	ADP
ftr-312	637	26	capital	capital	NOUN
ftr-312	637	27	export	export	NOUN
ftr-312	637	28	neutrality	neutrality	NOUN
ftr-312	637	29	,	,	PUNCT
ftr-312	637	30	solution	solution	NOUN
ftr-312	637	31	to	to	ADP
ftr-312	637	32	the	the	DET
ftr-312	637	33	problem	problem	NOUN
ftr-312	637	34	of	of	ADP
ftr-312	637	35	“	"	PUNCT
ftr-312	637	36	stateless	stateless	NOUN
ftr-312	637	37	income	income	NOUN
ftr-312	637	38	,	,	PUNCT
ftr-312	637	39	”	"	PUNCT
ftr-312	637	40	and	and	CCONJ
ftr-312	637	41	finessing	finessing	NOUN
ftr-312	637	42	of	of	ADP
ftr-312	637	43	the	the	DET
ftr-312	637	44	“	"	PUNCT
ftr-312	637	45	otherwise	otherwise	ADV
ftr-312	637	46	intractable	intractable	ADJ
ftr-312	637	47	”	"	PUNCT
ftr-312	637	48	problems	problem	NOUN
ftr-312	637	49	of	of	ADP
ftr-312	637	50	transfer	transfer	NOUN
ftr-312	637	51	pricing	pricing	NOUN
ftr-312	637	52	and	and	CCONJ
ftr-312	637	53	expense	expense	NOUN
ftr-312	637	54	allocation	allocation	NOUN
ftr-312	637	55	)	)	PUNCT
ftr-312	637	56	.	.	PUNCT
ftr-312	638	1	another	another	PRON
ftr-312	638	2	is	be	AUX
ftr-312	638	3	the	the	DET
ftr-312	638	4	imposition	imposition	NOUN
ftr-312	638	5	of	of	ADP
ftr-312	638	6	a	a	DET
ftr-312	638	7	minimum	minimum	ADJ
ftr-312	638	8	tax	tax	NOUN
ftr-312	638	9	on	on	ADP
ftr-312	638	10	non	non	ADJ
ftr-312	638	11	-	-	ADJ
ftr-312	638	12	us	us	PROPN
ftr-312	638	13	subsidiaries	subsidiary	NOUN
ftr-312	638	14	’	'	PUNCT
ftr-312	638	15	income	income	NOUN
ftr-312	638	16	.	.	PUNCT
ftr-312	639	1	see	see	VERB
ftr-312	639	2	white	white	PROPN
ftr-312	639	3	house	house	PROPN
ftr-312	639	4	&	&	CCONJ
ftr-312	639	5	dep’t	dep’t	PROPN
ftr-312	639	6	of	of	ADP
ftr-312	639	7	treasury	treasury	PROPN
ftr-312	639	8	,	,	PUNCT
ftr-312	639	9	the	the	DET
ftr-312	639	10	president	president	NOUN
ftr-312	639	11	’s	’s	PART
ftr-312	639	12	framework	framework	NOUN
ftr-312	639	13	for	for	ADP
ftr-312	639	14	business	business	NOUN
ftr-312	639	15	tax	tax	NOUN
ftr-312	639	16	reform	reform	NOUN
ftr-312	639	17	14	14	NUM
ftr-312	639	18	(	(	PUNCT
ftr-312	639	19	2012	2012	NUM
ftr-312	639	20	)	)	PUNCT
ftr-312	639	21	.	.	PUNCT
ftr-312	640	1	a	a	DET
ftr-312	640	2	third	third	ADJ
ftr-312	640	3	option	option	NOUN
ftr-312	640	4	is	be	AUX
ftr-312	640	5	territoriality	territoriality	NOUN
ftr-312	640	6	,	,	PUNCT
ftr-312	640	7	or	or	CCONJ
ftr-312	640	8	dividend	dividend	NOUN
ftr-312	640	9	exemption	exemption	NOUN
ftr-312	640	10	.	.	PUNCT
ftr-312	641	1	see	see	VERB
ftr-312	641	2	jane	jane	PROPN
ftr-312	641	3	g.	g.	PROPN
ftr-312	641	4	gravelle	gravelle	PROPN
ftr-312	641	5	,	,	PUNCT
ftr-312	641	6	cong	cong	PROPN
ftr-312	641	7	.	.	PUNCT
ftr-312	642	1	research	research	NOUN
ftr-312	642	2	.	.	PUNCT
ftr-312	643	1	serv	serv	PROPN
ftr-312	643	2	.	.	PROPN
ftr-312	643	3	,	,	PUNCT
ftr-312	643	4	r42624	r42624	PROPN
ftr-312	643	5	,	,	PUNCT
ftr-312	643	6	moving	move	VERB
ftr-312	643	7	to	to	ADP
ftr-312	643	8	a	a	DET
ftr-312	643	9	territorial	territorial	ADJ
ftr-312	643	10	income	income	NOUN
ftr-312	643	11	tax	tax	NOUN
ftr-312	643	12	:	:	PUNCT
ftr-312	643	13	options	option	NOUN
ftr-312	643	14	and	and	CCONJ
ftr-312	643	15	challenges	challenge	NOUN
ftr-312	643	16	(	(	PUNCT
ftr-312	643	17	2012	2012	NUM
ftr-312	643	18	)	)	PUNCT
ftr-312	643	19	.	.	PUNCT
ftr-312	644	1	this	this	DET
ftr-312	644	2	approach	approach	NOUN
ftr-312	644	3	would	would	AUX
ftr-312	644	4	permanently	permanently	ADV
ftr-312	644	5	exempt	exempt	VERB
ftr-312	644	6	an	an	DET
ftr-312	644	7	mnc	mnc	PROPN
ftr-312	644	8	’s	’s	PART
ftr-312	644	9	non	non	ADJ
ftr-312	644	10	-	-	ADJ
ftr-312	644	11	us	us	ADJ
ftr-312	644	12	business	business	NOUN
ftr-312	644	13	income	income	NOUN
ftr-312	644	14	from	from	ADP
ftr-312	644	15	us	us	PROPN
ftr-312	644	16	income	income	NOUN
ftr-312	644	17	tax	tax	NOUN
ftr-312	644	18	.	.	PUNCT
ftr-312	645	1	territoriality	territoriality	NOUN
ftr-312	645	2	is	be	AUX
ftr-312	645	3	generally	generally	ADV
ftr-312	645	4	presented	present	VERB
ftr-312	645	5	as	as	ADP
ftr-312	645	6	a	a	DET
ftr-312	645	7	business	business	NOUN
ftr-312	645	8	-	-	PUNCT
ftr-312	645	9	friendly	friendly	ADJ
ftr-312	645	10	reform	reform	NOUN
ftr-312	645	11	.	.	PUNCT
ftr-312	646	1	however	however	ADV
ftr-312	646	2	,	,	PUNCT
ftr-312	646	3	its	its	PRON
ftr-312	646	4	adoption	adoption	NOUN
ftr-312	646	5	could	could	AUX
ftr-312	646	6	produce	produce	VERB
ftr-312	646	7	increased	increase	VERB
ftr-312	646	8	taxes	taxis	NOUN
ftr-312	646	9	on	on	ADP
ftr-312	646	10	us	us	PROPN
ftr-312	646	11	-	-	PUNCT
ftr-312	646	12	parented	parent	VERB
ftr-312	646	13	multinationals	multinational	NOUN
ftr-312	646	14	depending	depend	VERB
ftr-312	646	15	on	on	ADP
ftr-312	646	16	the	the	DET
ftr-312	646	17	details	detail	NOUN
ftr-312	646	18	,	,	PUNCT
ftr-312	646	19	including	include	VERB
ftr-312	646	20	choices	choice	NOUN
ftr-312	646	21	about	about	ADP
ftr-312	646	22	the	the	DET
ftr-312	646	23	disallowance	disallowance	NOUN
ftr-312	646	24	of	of	ADP
ftr-312	646	25	deductions	deduction	NOUN
ftr-312	646	26	such	such	ADJ
ftr-312	646	27	as	as	ADP
ftr-312	646	28	overhead	overhead	ADJ
ftr-312	646	29	expense	expense	NOUN
ftr-312	646	30	allocable	allocable	ADJ
ftr-312	646	31	to	to	ADP
ftr-312	646	32	non	non	ADJ
ftr-312	646	33	-	-	ADJ
ftr-312	646	34	tax	tax	ADJ
ftr-312	646	35	business	business	NOUN
ftr-312	646	36	income	income	NOUN
ftr-312	646	37	and	and	CCONJ
ftr-312	646	38	the	the	DET
ftr-312	646	39	inclusion	inclusion	NOUN
ftr-312	646	40	of	of	ADP
ftr-312	646	41	royalty	royalty	NOUN
ftr-312	646	42	income	income	NOUN
ftr-312	646	43	paid	pay	VERB
ftr-312	646	44	by	by	ADP
ftr-312	646	45	non	non	ADJ
ftr-312	646	46	-	-	ADJ
ftr-312	646	47	us	us	PROPN
ftr-312	646	48	subsidiaries	subsidiary	NOUN
ftr-312	646	49	to	to	ADP
ftr-312	646	50	us	us	PROPN
ftr-312	646	51	parents	parent	NOUN
ftr-312	646	52	.	.	PUNCT
ftr-312	647	1	see	see	VERB
ftr-312	647	2	cong	cong	NOUN
ftr-312	647	3	budget	budget	NOUN
ftr-312	647	4	office	office	NOUN
ftr-312	647	5	,	,	PUNCT
ftr-312	647	6	options	option	NOUN
ftr-312	647	7	for	for	ADP
ftr-312	647	8	taxing	tax	VERB
ftr-312	647	9	u.s	u.s	PROPN
ftr-312	647	10	.	.	PROPN
ftr-312	647	11	multinational	multinational	ADJ
ftr-312	647	12	corporations	corporation	NOUN
ftr-312	647	13	22	22	NUM
ftr-312	647	14	(	(	PUNCT
ftr-312	647	15	2013	2013	NUM
ftr-312	647	16	)	)	PUNCT
ftr-312	647	17	(	(	PUNCT
ftr-312	647	18	citing	cite	VERB
ftr-312	647	19	expense	expense	NOUN
ftr-312	647	20	allocation	allocation	NOUN
ftr-312	647	21	and	and	CCONJ
ftr-312	647	22	royalty	royalty	NOUN
ftr-312	647	23	taxation	taxation	NOUN
ftr-312	647	24	as	as	ADP
ftr-312	647	25	possible	possible	ADJ
ftr-312	647	26	sources	source	NOUN
ftr-312	647	27	of	of	ADP
ftr-312	647	28	increased	increase	VERB
ftr-312	647	29	revenue	revenue	NOUN
ftr-312	647	30	)	)	PUNCT
ftr-312	647	31	.	.	PUNCT
ftr-312	648	1	the	the	DET
ftr-312	648	2	current	current	ADJ
ftr-312	648	3	taxation	taxation	NOUN
ftr-312	648	4	of	of	ADP
ftr-312	648	5	low	low	ADV
ftr-312	648	6	-	-	PUNCT
ftr-312	648	7	taxed	tax	VERB
ftr-312	648	8	foreign	foreign	ADJ
ftr-312	648	9	income	income	NOUN
ftr-312	648	10	under	under	ADP
ftr-312	648	11	territoriality	territoriality	NOUN
ftr-312	648	12	or	or	CCONJ
ftr-312	648	13	dividend	dividend	NOUN
ftr-312	648	14	exemption	exemption	NOUN
ftr-312	648	15	presents	present	VERB
ftr-312	648	16	another	another	DET
ftr-312	648	17	open	open	ADJ
ftr-312	648	18	question	question	NOUN
ftr-312	648	19	.	.	PUNCT
ftr-312	649	1	see	see	VERB
ftr-312	649	2	j.	j.	PROPN
ftr-312	649	3	clifton	clifton	PROPN
ftr-312	649	4	fleming	fleming	PROPN
ftr-312	649	5	,	,	PUNCT
ftr-312	649	6	jr	jr	PROPN
ftr-312	649	7	.	.	PROPN
ftr-312	649	8	,	,	PUNCT
ftr-312	649	9	robert	robert	PROPN
ftr-312	649	10	j.	j.	PROPN
ftr-312	649	11	peroni	peroni	PROPN
ftr-312	649	12	&	&	CCONJ
ftr-312	649	13	stephen	stephen	PROPN
ftr-312	649	14	e.	e.	PROPN
ftr-312	649	15	shay	shay	PROPN
ftr-312	649	16	,	,	PUNCT
ftr-312	649	17	designing	design	VERB
ftr-312	649	18	a	a	DET
ftr-312	649	19	u.s	u.s	PROPN
ftr-312	649	20	.	.	PROPN
ftr-312	649	21	exemption	exemption	NOUN
ftr-312	649	22	system	system	NOUN
ftr-312	649	23	for	for	ADP
ftr-312	649	24	foreign	foreign	ADJ
ftr-312	649	25	income	income	NOUN
ftr-312	649	26	when	when	SCONJ
ftr-312	649	27	the	the	DET
ftr-312	649	28	treasury	treasury	NOUN
ftr-312	649	29	is	be	AUX
ftr-312	649	30	empty	empty	ADJ
ftr-312	649	31	,	,	PUNCT
ftr-312	649	32	13	13	NUM
ftr-312	649	33	fla	fla	NOUN
ftr-312	649	34	.	.	PUNCT
ftr-312	650	1	tax	tax	PROPN
ftr-312	650	2	rev	rev	PROPN
ftr-312	650	3	.	.	PROPN
ftr-312	650	4	397	397	NUM
ftr-312	650	5	(	(	PUNCT
ftr-312	650	6	2012	2012	NUM
ftr-312	650	7	)	)	PUNCT
ftr-312	650	8	.	.	PUNCT
ftr-312	651	1	149	149	NUM
ftr-312	651	2	.	.	PUNCT
ftr-312	652	1	see	see	VERB
ftr-312	652	2	,	,	PUNCT
ftr-312	652	3	e.g.	e.g.	ADV
ftr-312	652	4	,	,	PUNCT
ftr-312	652	5	nelson	nelson	PROPN
ftr-312	652	6	d.	d.	PROPN
ftr-312	652	7	schwartz	schwartz	PROPN
ftr-312	652	8	&	&	CCONJ
ftr-312	652	9	charles	charles	PROPN
ftr-312	652	10	duhigg	duhigg	PROPN
ftr-312	652	11	,	,	PUNCT
ftr-312	652	12	apple	apple	NOUN
ftr-312	652	13	’s	’s	PART
ftr-312	652	14	web	web	NOUN
ftr-312	652	15	of	of	ADP
ftr-312	652	16	tax	tax	NOUN
ftr-312	652	17	shelters	shelter	NOUN
ftr-312	652	18	saved	save	VERB
ftr-312	652	19	it	it	PRON
ftr-312	652	20	billions	billion	NOUN
ftr-312	652	21	,	,	PUNCT
ftr-312	652	22	panel	panel	NOUN
ftr-312	652	23	finds	find	VERB
ftr-312	652	24	,	,	PUNCT
ftr-312	652	25	n.y	n.y	PROPN
ftr-312	652	26	.	.	PROPN
ftr-312	652	27	times	times	PROPN
ftr-312	652	28	,	,	PUNCT
ftr-312	652	29	may	may	AUX
ftr-312	652	30	20	20	NUM
ftr-312	652	31	,	,	PUNCT
ftr-312	652	32	2013	2013	NUM
ftr-312	652	33	,	,	PUNCT
ftr-312	652	34	at	at	ADP
ftr-312	652	35	a1	a1	NOUN
ftr-312	652	36	(	(	PUNCT
ftr-312	652	37	reporting	report	VERB
ftr-312	652	38	on	on	ADP
ftr-312	652	39	senate	senate	PROPN
ftr-312	652	40	permanent	permanent	ADJ
ftr-312	652	41	subcommittee	subcommittee	NOUN
ftr-312	652	42	on	on	ADP
ftr-312	652	43	investigations	investigation	NOUN
ftr-312	652	44	hearing	hear	VERB
ftr-312	652	45	featuring	feature	VERB
ftr-312	652	46	apple	apple	PROPN
ftr-312	652	47	ceo	ceo	NOUN
ftr-312	652	48	tim	tim	PROPN
ftr-312	652	49	cook	cook	PROPN
ftr-312	652	50	and	and	CCONJ
ftr-312	652	51	senator	senator	PROPN
ftr-312	652	52	carl	carl	PROPN
ftr-312	652	53	levin	levin	PROPN
ftr-312	652	54	)	)	PUNCT
ftr-312	652	55	.	.	PUNCT
ftr-312	653	1	2013	2013	NUM
ftr-312	653	2	]	]	PUNCT
ftr-312	653	3	tax	tax	NOUN
ftr-312	653	4	planning	planning	NOUN
ftr-312	653	5	and	and	CCONJ
ftr-312	653	6	initial	initial	ADJ
ftr-312	653	7	incorporation	incorporation	NOUN
ftr-312	653	8	location	location	NOUN
ftr-312	653	9	351	351	NUM
ftr-312	653	10	“	"	PUNCT
ftr-312	653	11	increas[ing	increas[e	VERB
ftr-312	653	12	]	]	PUNCT
ftr-312	653	13	us	us	PROPN
ftr-312	653	14	competitiveness	competitiveness	NOUN
ftr-312	653	15	”	"	PUNCT
ftr-312	653	16	and	and	CCONJ
ftr-312	653	17	“	"	PUNCT
ftr-312	653	18	reduc[ing	reduc[e	VERB
ftr-312	653	19	]	]	PUNCT
ftr-312	653	20	tax	tax	NOUN
ftr-312	653	21	incentives	incentive	NOUN
ftr-312	653	22	for	for	SCONJ
ftr-312	653	23	multinationals	multinational	NOUN
ftr-312	653	24	to	to	PART
ftr-312	653	25	be	be	AUX
ftr-312	653	26	foreign	foreign	NOUN
ftr-312	653	27	-	-	PUNCT
ftr-312	653	28	based	base	VERB
ftr-312	653	29	.	.	PUNCT
ftr-312	653	30	”150	”150	PROPN
ftr-312	653	31	in	in	ADP
ftr-312	653	32	addition	addition	NOUN
ftr-312	653	33	,	,	PUNCT
ftr-312	653	34	the	the	DET
ftr-312	653	35	us	us	PROPN
ftr-312	653	36	legislative	legislative	ADJ
ftr-312	653	37	process	process	NOUN
ftr-312	653	38	presents	present	VERB
ftr-312	653	39	sequential	sequential	ADJ
ftr-312	653	40	hurdles	hurdle	NOUN
ftr-312	653	41	to	to	PART
ftr-312	653	42	enactment	enactment	VERB
ftr-312	653	43	and	and	CCONJ
ftr-312	653	44	therefore	therefore	ADV
ftr-312	653	45	favors	favor	VERB
ftr-312	653	46	the	the	DET
ftr-312	653	47	status	status	NOUN
ftr-312	653	48	quo.151	quo.151	NOUN
ftr-312	653	49	in	in	ADP
ftr-312	653	50	the	the	DET
ftr-312	653	51	area	area	NOUN
ftr-312	653	52	of	of	ADP
ftr-312	653	53	corporate	corporate	ADJ
ftr-312	653	54	tax	tax	NOUN
ftr-312	653	55	law	law	NOUN
ftr-312	653	56	reform	reform	NOUN
ftr-312	653	57	,	,	PUNCT
ftr-312	653	58	agency	agency	NOUN
ftr-312	653	59	costs	cost	NOUN
ftr-312	653	60	further	far	ADV
ftr-312	653	61	hamper	hamper	NOUN
ftr-312	653	62	change	change	NOUN
ftr-312	653	63	.	.	PUNCT
ftr-312	654	1	for	for	ADP
ftr-312	654	2	example	example	NOUN
ftr-312	654	3	,	,	PUNCT
ftr-312	654	4	managers	manager	NOUN
ftr-312	654	5	face	face	VERB
ftr-312	654	6	an	an	DET
ftr-312	654	7	incentive	incentive	NOUN
ftr-312	654	8	to	to	PART
ftr-312	654	9	favor	favor	VERB
ftr-312	654	10	policies	policy	NOUN
ftr-312	654	11	like	like	ADP
ftr-312	654	12	accelerated	accelerate	VERB
ftr-312	654	13	depreciation	depreciation	NOUN
ftr-312	654	14	that	that	PRON
ftr-312	654	15	provide	provide	VERB
ftr-312	654	16	targeted	target	VERB
ftr-312	654	17	incentives	incentive	NOUN
ftr-312	654	18	for	for	ADP
ftr-312	654	19	new	new	ADJ
ftr-312	654	20	corporate	corporate	ADJ
ftr-312	654	21	investment	investment	NOUN
ftr-312	654	22	,	,	PUNCT
ftr-312	654	23	even	even	ADV
ftr-312	654	24	though	though	SCONJ
ftr-312	654	25	shareholders	shareholder	NOUN
ftr-312	654	26	prefer	prefer	VERB
ftr-312	654	27	policies	policy	NOUN
ftr-312	654	28	that	that	PRON
ftr-312	654	29	also	also	ADV
ftr-312	654	30	enrich	enrich	VERB
ftr-312	654	31	existing	exist	VERB
ftr-312	654	32	investment.152	investment.152	NOUN
ftr-312	654	33	moreover	moreover	ADV
ftr-312	654	34	,	,	PUNCT
ftr-312	654	35	the	the	DET
ftr-312	654	36	heterogeneity	heterogeneity	NOUN
ftr-312	654	37	of	of	ADP
ftr-312	654	38	interests	interest	NOUN
ftr-312	654	39	among	among	ADP
ftr-312	654	40	different	different	ADJ
ftr-312	654	41	corporations	corporation	NOUN
ftr-312	654	42	may	may	AUX
ftr-312	654	43	strengthen	strengthen	VERB
ftr-312	654	44	the	the	DET
ftr-312	654	45	importance	importance	NOUN
ftr-312	654	46	of	of	ADP
ftr-312	654	47	interest	interest	NOUN
ftr-312	654	48	group	group	NOUN
ftr-312	654	49	influence	influence	NOUN
ftr-312	654	50	in	in	ADP
ftr-312	654	51	the	the	DET
ftr-312	654	52	area	area	NOUN
ftr-312	654	53	of	of	ADP
ftr-312	654	54	corporate	corporate	ADJ
ftr-312	654	55	tax	tax	NOUN
ftr-312	654	56	policy	policy	NOUN
ftr-312	654	57	.	.	PUNCT
ftr-312	655	1	this	this	PRON
ftr-312	655	2	is	be	AUX
ftr-312	655	3	because	because	SCONJ
ftr-312	655	4	there	there	PRON
ftr-312	655	5	is	be	VERB
ftr-312	655	6	an	an	DET
ftr-312	655	7	incentive	incentive	NOUN
ftr-312	655	8	for	for	ADP
ftr-312	655	9	corporations	corporation	NOUN
ftr-312	655	10	that	that	PRON
ftr-312	655	11	disproportionately	disproportionately	ADV
ftr-312	655	12	benefit	benefit	VERB
ftr-312	655	13	from	from	ADP
ftr-312	655	14	a	a	DET
ftr-312	655	15	certain	certain	ADJ
ftr-312	655	16	tax	tax	NOUN
ftr-312	655	17	break	break	NOUN
ftr-312	655	18	to	to	PART
ftr-312	655	19	lobby	lobby	VERB
ftr-312	655	20	energetically	energetically	ADV
ftr-312	655	21	to	to	PART
ftr-312	655	22	keep	keep	VERB
ftr-312	655	23	that	that	DET
ftr-312	655	24	tax	tax	NOUN
ftr-312	655	25	break	break	NOUN
ftr-312	655	26	rather	rather	ADV
ftr-312	655	27	than	than	ADP
ftr-312	655	28	supporting	support	VERB
ftr-312	655	29	more	more	ADV
ftr-312	655	30	general	general	ADJ
ftr-312	655	31	reform	reform	NOUN
ftr-312	655	32	proposals.153	proposals.153	NOUN
ftr-312	655	33	while	while	SCONJ
ftr-312	655	34	overall	overall	ADJ
ftr-312	655	35	tax	tax	NOUN
ftr-312	655	36	reform	reform	NOUN
ftr-312	655	37	adverse	adverse	ADJ
ftr-312	655	38	to	to	ADP
ftr-312	655	39	corporate	corporate	ADJ
ftr-312	655	40	interests	interest	NOUN
ftr-312	655	41	is	be	AUX
ftr-312	655	42	possible	possible	ADJ
ftr-312	655	43	,	,	PUNCT
ftr-312	655	44	it	it	PRON
ftr-312	655	45	is	be	AUX
ftr-312	655	46	unusual.154	unusual.154	ADJ
ftr-312	655	47	and	and	CCONJ
ftr-312	655	48	when	when	SCONJ
ftr-312	655	49	broad	broad	ADJ
ftr-312	655	50	reform	reform	NOUN
ftr-312	655	51	does	do	AUX
ftr-312	655	52	occur	occur	VERB
ftr-312	655	53	,	,	PUNCT
ftr-312	655	54	it	it	PRON
ftr-312	655	55	faces	face	VERB
ftr-312	655	56	the	the	DET
ftr-312	655	57	prospect	prospect	NOUN
ftr-312	655	58	of	of	ADP
ftr-312	655	59	later	later	ADJ
ftr-312	655	60	erosion.155	erosion.155	PROPN
ftr-312	655	61	startup	startup	PROPN
ftr-312	655	62	lawyers	lawyer	NOUN
ftr-312	655	63	,	,	PUNCT
ftr-312	655	64	venture	venture	NOUN
ftr-312	655	65	capitalists	capitalist	NOUN
ftr-312	655	66	and	and	CCONJ
ftr-312	655	67	entrepreneurs	entrepreneur	NOUN
ftr-312	655	68	may	may	AUX
ftr-312	655	69	be	be	AUX
ftr-312	655	70	more	more	ADV
ftr-312	655	71	concerned	concerned	ADJ
ftr-312	655	72	about	about	ADP
ftr-312	655	73	future	future	ADJ
ftr-312	655	74	law	law	NOUN
ftr-312	655	75	changes	change	NOUN
ftr-312	655	76	applicable	applicable	ADJ
ftr-312	655	77	to	to	ADP
ftr-312	655	78	non	non	ADJ
ftr-312	655	79	-	-	ADJ
ftr-312	655	80	us	we	PRON
ftr-312	655	81	parented	parent	VERB
ftr-312	655	82	mncs	mncs	PROPN
ftr-312	655	83	.	.	PUNCT
ftr-312	656	1	some	some	DET
ftr-312	656	2	future	future	ADJ
ftr-312	656	3	law	law	NOUN
ftr-312	656	4	changes	change	NOUN
ftr-312	656	5	that	that	PRON
ftr-312	656	6	could	could	AUX
ftr-312	656	7	affect	affect	VERB
ftr-312	656	8	non	non	ADJ
ftr-312	656	9	-	-	ADJ
ftr-312	656	10	us	us	ADV
ftr-312	656	11	-	-	PUNCT
ftr-312	656	12	parented	parent	VERB
ftr-312	656	13	structures	structure	NOUN
ftr-312	656	14	would	would	AUX
ftr-312	656	15	arise	arise	VERB
ftr-312	656	16	under	under	ADP
ftr-312	656	17	non	non	ADJ
ftr-312	656	18	-	-	ADJ
ftr-312	656	19	us	us	ADJ
ftr-312	656	20	law	law	NOUN
ftr-312	656	21	.	.	PUNCT
ftr-312	657	1	in	in	ADP
ftr-312	657	2	the	the	DET
ftr-312	657	3	informal	informal	ADJ
ftr-312	657	4	interviews	interview	NOUN
ftr-312	657	5	conducted	conduct	VERB
ftr-312	657	6	,	,	PUNCT
ftr-312	657	7	some	some	DET
ftr-312	657	8	concern	concern	NOUN
ftr-312	657	9	about	about	ADP
ftr-312	657	10	the	the	DET
ftr-312	657	11	uncertain	uncertain	ADJ
ftr-312	657	12	application	application	NOUN
ftr-312	657	13	of	of	ADP
ftr-312	657	14	non	non	ADJ
ftr-312	657	15	-	-	ADJ
ftr-312	657	16	us	us	PROPN
ftr-312	657	17	law	law	NOUN
ftr-312	657	18	was	be	AUX
ftr-312	657	19	expressed	express	VERB
ftr-312	657	20	.	.	PUNCT
ftr-312	658	1	it	it	PRON
ftr-312	658	2	is	be	AUX
ftr-312	658	3	possible	possible	ADJ
ftr-312	658	4	that	that	SCONJ
ftr-312	658	5	startups	startup	NOUN
ftr-312	658	6	and	and	CCONJ
ftr-312	658	7	their	their	PRON
ftr-312	658	8	advisors	advisor	NOUN
ftr-312	658	9	place	place	VERB
ftr-312	658	10	a	a	DET
ftr-312	658	11	higher	high	ADJ
ftr-312	658	12	likelihood	likelihood	NOUN
ftr-312	658	13	on	on	ADP
ftr-312	658	14	the	the	DET
ftr-312	658	15	possibility	possibility	NOUN
ftr-312	658	16	of	of	ADP
ftr-312	658	17	such	such	ADJ
ftr-312	658	18	adverse	adverse	ADJ
ftr-312	658	19	non	non	ADJ
ftr-312	658	20	-	-	ADJ
ftr-312	658	21	us	us	ADJ
ftr-312	658	22	law	law	NOUN
ftr-312	658	23	change	change	NOUN
ftr-312	658	24	.	.	PUNCT
ftr-312	659	1	they	they	PRON
ftr-312	659	2	might	might	AUX
ftr-312	659	3	do	do	VERB
ftr-312	659	4	so	so	ADV
ftr-312	659	5	because	because	SCONJ
ftr-312	659	6	they	they	PRON
ftr-312	659	7	perceive	perceive	VERB
ftr-312	659	8	150	150	NUM
ftr-312	659	9	.	.	PUNCT
ftr-312	660	1	senate	senate	PROPN
ftr-312	660	2	finance	finance	PROPN
ftr-312	660	3	committee	committee	PROPN
ftr-312	660	4	staff	staff	NOUN
ftr-312	660	5	,	,	PUNCT
ftr-312	660	6	tax	tax	NOUN
ftr-312	660	7	reform	reform	NOUN
ftr-312	660	8	options	option	NOUN
ftr-312	660	9	for	for	ADP
ftr-312	660	10	discussion	discussion	NOUN
ftr-312	660	11	:	:	PUNCT
ftr-312	660	12	international	international	ADJ
ftr-312	660	13	competitiveness	competitiveness	NOUN
ftr-312	660	14	4	4	NUM
ftr-312	660	15	(	(	PUNCT
ftr-312	660	16	may	may	PROPN
ftr-312	660	17	9	9	NUM
ftr-312	660	18	,	,	PUNCT
ftr-312	660	19	2013	2013	NUM
ftr-312	660	20	)	)	PUNCT
ftr-312	660	21	.	.	PUNCT
ftr-312	661	1	151	151	NUM
ftr-312	661	2	.	.	PUNCT
ftr-312	662	1	see	see	VERB
ftr-312	662	2	,	,	PUNCT
ftr-312	662	3	e.g.	e.g.	ADV
ftr-312	662	4	,	,	PUNCT
ftr-312	662	5	william	william	PROPN
ftr-312	662	6	n.	n.	PROPN
ftr-312	662	7	eskridge	eskridge	PROPN
ftr-312	662	8	,	,	PUNCT
ftr-312	662	9	jr	jr	PROPN
ftr-312	662	10	.	.	PROPN
ftr-312	662	11	,	,	PUNCT
ftr-312	662	12	philip	philip	PROPN
ftr-312	662	13	p.	p.	PROPN
ftr-312	662	14	frickey	frickey	PROPN
ftr-312	662	15	&	&	CCONJ
ftr-312	662	16	elizabeth	elizabeth	PROPN
ftr-312	662	17	garrett	garrett	PROPN
ftr-312	662	18	,	,	PUNCT
ftr-312	662	19	legislation	legislation	NOUN
ftr-312	662	20	and	and	CCONJ
ftr-312	662	21	statutory	statutory	ADJ
ftr-312	662	22	interpretation	interpretation	NOUN
ftr-312	662	23	70	70	NUM
ftr-312	662	24	(	(	PUNCT
ftr-312	662	25	2d	2d	NUM
ftr-312	662	26	ed	ed	NOUN
ftr-312	662	27	.	.	PUNCT
ftr-312	662	28	2006	2006	NUM
ftr-312	662	29	)	)	PUNCT
ftr-312	662	30	(	(	PUNCT
ftr-312	662	31	“	"	PUNCT
ftr-312	662	32	the	the	DET
ftr-312	662	33	most	most	ADV
ftr-312	662	34	salient	salient	ADJ
ftr-312	662	35	aspect	aspect	NOUN
ftr-312	662	36	of	of	ADP
ftr-312	662	37	the	the	DET
ftr-312	662	38	modern	modern	ADJ
ftr-312	662	39	legislative	legislative	ADJ
ftr-312	662	40	process	process	NOUN
ftr-312	662	41	is	be	AUX
ftr-312	662	42	that	that	SCONJ
ftr-312	662	43	it	it	PRON
ftr-312	662	44	is	be	AUX
ftr-312	662	45	filled	fill	VERB
ftr-312	662	46	with	with	ADP
ftr-312	662	47	a	a	DET
ftr-312	662	48	complex	complex	ADJ
ftr-312	662	49	set	set	NOUN
ftr-312	662	50	of	of	ADP
ftr-312	662	51	hurdles	hurdle	NOUN
ftr-312	662	52	that	that	PRON
ftr-312	662	53	proponents	proponent	NOUN
ftr-312	662	54	of	of	ADP
ftr-312	662	55	a	a	DET
ftr-312	662	56	new	new	ADJ
ftr-312	662	57	policy	policy	NOUN
ftr-312	662	58	must	must	AUX
ftr-312	662	59	overcome	overcome	VERB
ftr-312	662	60	before	before	SCONJ
ftr-312	662	61	their	their	PRON
ftr-312	662	62	bill	bill	NOUN
ftr-312	662	63	becomes	become	VERB
ftr-312	662	64	law	law	NOUN
ftr-312	662	65	.	.	PUNCT
ftr-312	662	66	”	"	PUNCT
ftr-312	662	67	)	)	PUNCT
ftr-312	662	68	.	.	PUNCT
ftr-312	663	1	152	152	NUM
ftr-312	663	2	.	.	PUNCT
ftr-312	664	1	see	see	VERB
ftr-312	664	2	jennifer	jennifer	PROPN
ftr-312	664	3	arlen	arlen	PROPN
ftr-312	664	4	&	&	CCONJ
ftr-312	664	5	deborah	deborah	PROPN
ftr-312	664	6	m.	m.	PROPN
ftr-312	664	7	weiss	weiss	PROPN
ftr-312	664	8	,	,	PUNCT
ftr-312	664	9	a	a	DET
ftr-312	664	10	political	political	ADJ
ftr-312	664	11	theory	theory	NOUN
ftr-312	664	12	of	of	ADP
ftr-312	664	13	corporate	corporate	ADJ
ftr-312	664	14	taxation	taxation	NOUN
ftr-312	664	15	,	,	PUNCT
ftr-312	664	16	105	105	NUM
ftr-312	664	17	yale	yale	PROPN
ftr-312	664	18	l.j	l.j	PROPN
ftr-312	664	19	.	.	PROPN
ftr-312	664	20	325	325	NUM
ftr-312	664	21	,	,	PUNCT
ftr-312	664	22	336–38	336–38	NUM
ftr-312	664	23	(	(	PUNCT
ftr-312	664	24	1995	1995	NUM
ftr-312	664	25	)	)	PUNCT
ftr-312	664	26	(	(	PUNCT
ftr-312	664	27	arguing	argue	VERB
ftr-312	664	28	that	that	SCONJ
ftr-312	664	29	managers	manager	NOUN
ftr-312	664	30	have	have	VERB
ftr-312	664	31	incentives	incentive	NOUN
ftr-312	664	32	to	to	PART
ftr-312	664	33	favor	favor	VERB
ftr-312	664	34	policies	policy	NOUN
ftr-312	664	35	that	that	PRON
ftr-312	664	36	encourage	encourage	VERB
ftr-312	664	37	additional	additional	ADJ
ftr-312	664	38	investment	investment	NOUN
ftr-312	664	39	or	or	CCONJ
ftr-312	664	40	otherwise	otherwise	ADV
ftr-312	664	41	make	make	VERB
ftr-312	664	42	possible	possible	ADJ
ftr-312	664	43	increases	increase	NOUN
ftr-312	664	44	to	to	ADP
ftr-312	664	45	individual	individual	ADJ
ftr-312	664	46	returns	return	NOUN
ftr-312	664	47	such	such	ADJ
ftr-312	664	48	as	as	ADP
ftr-312	664	49	salaries	salary	NOUN
ftr-312	664	50	)	)	PUNCT
ftr-312	664	51	.	.	PUNCT
ftr-312	665	1	153	153	NUM
ftr-312	665	2	.	.	PUNCT
ftr-312	666	1	see	see	VERB
ftr-312	666	2	michael	michael	PROPN
ftr-312	666	3	doran	doran	PROPN
ftr-312	666	4	,	,	PUNCT
ftr-312	666	5	managers	manager	NOUN
ftr-312	666	6	,	,	PUNCT
ftr-312	666	7	shareholders	shareholder	NOUN
ftr-312	666	8	and	and	CCONJ
ftr-312	666	9	the	the	DET
ftr-312	666	10	corporate	corporate	ADJ
ftr-312	666	11	double	double	ADJ
ftr-312	666	12	tax	tax	NOUN
ftr-312	666	13	,	,	PUNCT
ftr-312	666	14	95	95	NUM
ftr-312	666	15	va	va	NOUN
ftr-312	666	16	.	.	PUNCT
ftr-312	667	1	l.	l.	PROPN
ftr-312	667	2	rev	rev	PROPN
ftr-312	667	3	.	.	PROPN
ftr-312	667	4	517	517	NUM
ftr-312	667	5	,	,	PUNCT
ftr-312	667	6	536–42	536–42	NUM
ftr-312	667	7	(	(	PUNCT
ftr-312	667	8	2009	2009	NUM
ftr-312	667	9	)	)	PUNCT
ftr-312	667	10	(	(	PUNCT
ftr-312	667	11	citing	cite	VERB
ftr-312	667	12	“	"	PUNCT
ftr-312	667	13	unevenness	unevenness	NOUN
ftr-312	667	14	resulting	result	VERB
ftr-312	667	15	from	from	ADP
ftr-312	667	16	the	the	DET
ftr-312	667	17	different	different	ADJ
ftr-312	667	18	use	use	NOUN
ftr-312	667	19	of	of	ADP
ftr-312	667	20	corporate	corporate	ADJ
ftr-312	667	21	tax	tax	NOUN
ftr-312	667	22	preferences	preference	NOUN
ftr-312	667	23	,	,	PUNCT
ftr-312	667	24	interest	interest	NOUN
ftr-312	667	25	deductions	deduction	NOUN
ftr-312	667	26	,	,	PUNCT
ftr-312	667	27	and	and	CCONJ
ftr-312	667	28	tax	tax	NOUN
ftr-312	667	29	shelters	shelter	NOUN
ftr-312	667	30	”	"	PUNCT
ftr-312	667	31	)	)	PUNCT
ftr-312	667	32	.	.	PUNCT
ftr-312	668	1	see	see	VERB
ftr-312	668	2	also	also	ADV
ftr-312	668	3	martin	martin	PROPN
ftr-312	668	4	sullivan	sullivan	PROPN
ftr-312	668	5	,	,	PUNCT
ftr-312	668	6	corporate	corporate	ADJ
ftr-312	668	7	tax	tax	NOUN
ftr-312	668	8	reform	reform	NOUN
ftr-312	668	9	:	:	PUNCT
ftr-312	668	10	taxing	tax	VERB
ftr-312	668	11	profits	profit	NOUN
ftr-312	668	12	in	in	ADP
ftr-312	668	13	the	the	DET
ftr-312	668	14	21st	21st	ADJ
ftr-312	668	15	century	century	NOUN
ftr-312	668	16	(	(	PUNCT
ftr-312	668	17	2011	2011	NUM
ftr-312	668	18	)	)	PUNCT
ftr-312	668	19	(	(	PUNCT
ftr-312	668	20	explaining	explain	VERB
ftr-312	668	21	some	some	DET
ftr-312	668	22	interest	interest	NOUN
ftr-312	668	23	group	group	NOUN
ftr-312	668	24	and	and	CCONJ
ftr-312	668	25	other	other	ADJ
ftr-312	668	26	concerns	concern	NOUN
ftr-312	668	27	that	that	PRON
ftr-312	668	28	make	make	VERB
ftr-312	668	29	reform	reform	NOUN
ftr-312	668	30	unlikely	unlikely	ADJ
ftr-312	668	31	)	)	PUNCT
ftr-312	668	32	.	.	PUNCT
ftr-312	669	1	154	154	NUM
ftr-312	669	2	.	.	PUNCT
ftr-312	670	1	see	see	VERB
ftr-312	670	2	,	,	PUNCT
ftr-312	670	3	e.g.	e.g.	ADV
ftr-312	670	4	,	,	PUNCT
ftr-312	670	5	daniel	daniel	PROPN
ftr-312	670	6	shaviro	shaviro	PROPN
ftr-312	670	7	,	,	PUNCT
ftr-312	670	8	beyond	beyond	ADP
ftr-312	670	9	public	public	ADJ
ftr-312	670	10	choice	choice	NOUN
ftr-312	670	11	and	and	CCONJ
ftr-312	670	12	public	public	ADJ
ftr-312	670	13	interest	interest	NOUN
ftr-312	670	14	:	:	PUNCT
ftr-312	670	15	a	a	DET
ftr-312	670	16	study	study	NOUN
ftr-312	670	17	of	of	ADP
ftr-312	670	18	the	the	DET
ftr-312	670	19	legislative	legislative	ADJ
ftr-312	670	20	process	process	NOUN
ftr-312	670	21	as	as	SCONJ
ftr-312	670	22	illustrated	illustrate	VERB
ftr-312	670	23	by	by	ADP
ftr-312	670	24	tax	tax	NOUN
ftr-312	670	25	legislation	legislation	NOUN
ftr-312	670	26	in	in	ADP
ftr-312	670	27	the	the	DET
ftr-312	670	28	1980s	1980s	NUM
ftr-312	670	29	,	,	PUNCT
ftr-312	670	30	139	139	NUM
ftr-312	670	31	u.	u.	PROPN
ftr-312	670	32	pa	pa	PROPN
ftr-312	670	33	.	.	PUNCT
ftr-312	670	34	l.	l.	PROPN
ftr-312	670	35	rev	rev	PROPN
ftr-312	670	36	.	.	PROPN
ftr-312	670	37	1	1	NUM
ftr-312	670	38	(	(	PUNCT
ftr-312	670	39	1990	1990	NUM
ftr-312	670	40	)	)	PUNCT
ftr-312	670	41	.	.	PUNCT
ftr-312	671	1	155	155	NUM
ftr-312	671	2	.	.	PUNCT
ftr-312	672	1	see	see	VERB
ftr-312	672	2	,	,	PUNCT
ftr-312	672	3	e.g.	e.g.	ADV
ftr-312	672	4	,	,	PUNCT
ftr-312	672	5	edward	edward	PROPN
ftr-312	672	6	j.	j.	PROPN
ftr-312	672	7	mccaffery	mccaffery	PROPN
ftr-312	672	8	&	&	CCONJ
ftr-312	672	9	linda	linda	PROPN
ftr-312	672	10	r.	r.	PROPN
ftr-312	672	11	cohen	cohen	PROPN
ftr-312	672	12	,	,	PUNCT
ftr-312	672	13	shakedown	shakedown	NOUN
ftr-312	672	14	at	at	ADP
ftr-312	672	15	gucci	gucci	PROPN
ftr-312	672	16	gulch	gulch	PROPN
ftr-312	672	17	:	:	PUNCT
ftr-312	672	18	the	the	DET
ftr-312	672	19	new	new	ADJ
ftr-312	672	20	logic	logic	NOUN
ftr-312	672	21	of	of	ADP
ftr-312	672	22	collective	collective	ADJ
ftr-312	672	23	action	action	NOUN
ftr-312	672	24	,	,	PUNCT
ftr-312	672	25	84	84	NUM
ftr-312	672	26	n.c	n.c	PROPN
ftr-312	672	27	.	.	PROPN
ftr-312	672	28	l.	l.	PROPN
ftr-312	672	29	rev	rev	PROPN
ftr-312	672	30	.	.	PROPN
ftr-312	672	31	1159	1159	NUM
ftr-312	672	32	(	(	PUNCT
ftr-312	672	33	2006	2006	NUM
ftr-312	672	34	)	)	PUNCT
ftr-312	672	35	.	.	PUNCT
ftr-312	673	1	352	352	NUM
ftr-312	673	2	florida	florida	PROPN
ftr-312	673	3	tax	tax	NOUN
ftr-312	673	4	review	review	NOUN
ftr-312	673	5	[	[	X
ftr-312	673	6	vol	vol	NOUN
ftr-312	673	7	.	.	PUNCT
ftr-312	674	1	14:8	14:8	NUM
ftr-312	674	2	relatively	relatively	ADV
ftr-312	674	3	lower	low	ADJ
ftr-312	674	4	legislative	legislative	ADJ
ftr-312	674	5	process	process	NOUN
ftr-312	674	6	constraints	constraint	NOUN
ftr-312	674	7	outside	outside	ADP
ftr-312	674	8	the	the	DET
ftr-312	674	9	united	united	PROPN
ftr-312	674	10	states	states	PROPN
ftr-312	674	11	,	,	PUNCT
ftr-312	674	12	where	where	SCONJ
ftr-312	674	13	fewer	few	ADJ
ftr-312	674	14	legislative	legislative	ADJ
ftr-312	674	15	process	process	NOUN
ftr-312	674	16	obstacles	obstacle	NOUN
ftr-312	674	17	to	to	PART
ftr-312	674	18	change	change	VERB
ftr-312	674	19	may	may	AUX
ftr-312	674	20	exist	exist	VERB
ftr-312	674	21	,	,	PUNCT
ftr-312	674	22	for	for	ADP
ftr-312	674	23	example	example	NOUN
ftr-312	674	24	in	in	ADP
ftr-312	674	25	parliamentary	parliamentary	ADJ
ftr-312	674	26	systems	system	NOUN
ftr-312	674	27	.	.	PUNCT
ftr-312	675	1	other	other	ADJ
ftr-312	675	2	future	future	ADJ
ftr-312	675	3	law	law	NOUN
ftr-312	675	4	changes	change	NOUN
ftr-312	675	5	that	that	PRON
ftr-312	675	6	could	could	AUX
ftr-312	675	7	affect	affect	VERB
ftr-312	675	8	non	non	ADJ
ftr-312	675	9	-	-	ADJ
ftr-312	675	10	us	us	ADV
ftr-312	675	11	-	-	PUNCT
ftr-312	675	12	parented	parent	VERB
ftr-312	675	13	mncs	mncs	PROPN
ftr-312	675	14	would	would	AUX
ftr-312	675	15	arise	arise	VERB
ftr-312	675	16	under	under	ADP
ftr-312	675	17	us	us	PROPN
ftr-312	675	18	law	law	NOUN
ftr-312	675	19	.	.	PUNCT
ftr-312	676	1	in	in	ADP
ftr-312	676	2	the	the	DET
ftr-312	676	3	tax	tax	NOUN
ftr-312	676	4	area	area	NOUN
ftr-312	676	5	,	,	PUNCT
ftr-312	676	6	the	the	DET
ftr-312	676	7	anti	anti	ADJ
ftr-312	676	8	-	-	ADJ
ftr-312	676	9	inversion	inversion	ADJ
ftr-312	676	10	rule	rule	NOUN
ftr-312	676	11	of	of	ADP
ftr-312	676	12	section	section	NOUN
ftr-312	676	13	7874	7874	NUM
ftr-312	676	14	provides	provide	VERB
ftr-312	676	15	a	a	DET
ftr-312	676	16	prominent	prominent	ADJ
ftr-312	676	17	example	example	NOUN
ftr-312	676	18	of	of	ADP
ftr-312	676	19	a	a	DET
ftr-312	676	20	us	us	PROPN
ftr-312	676	21	statute	statute	NOUN
ftr-312	676	22	that	that	PRON
ftr-312	676	23	targets	target	VERB
ftr-312	676	24	a	a	DET
ftr-312	676	25	non	non	ADJ
ftr-312	676	26	-	-	ADJ
ftr-312	676	27	usparented	usparented	ADJ
ftr-312	676	28	structure	structure	NOUN
ftr-312	676	29	.	.	PUNCT
ftr-312	677	1	under	under	ADP
ftr-312	677	2	this	this	DET
ftr-312	677	3	statute	statute	NOUN
ftr-312	677	4	,	,	PUNCT
ftr-312	677	5	a	a	DET
ftr-312	677	6	standalone	standalone	ADJ
ftr-312	677	7	firm	firm	NOUN
ftr-312	677	8	with	with	ADP
ftr-312	677	9	a	a	DET
ftr-312	677	10	parent	parent	NOUN
ftr-312	677	11	incorporated	incorporate	VERB
ftr-312	677	12	in	in	ADP
ftr-312	677	13	the	the	DET
ftr-312	677	14	united	united	PROPN
ftr-312	677	15	states	states	PROPN
ftr-312	677	16	generally	generally	ADV
ftr-312	677	17	can	can	AUX
ftr-312	677	18	not	not	PART
ftr-312	677	19	invert	invert	VERB
ftr-312	677	20	into	into	ADP
ftr-312	677	21	a	a	DET
ftr-312	677	22	non	non	ADJ
ftr-312	677	23	-	-	ADJ
ftr-312	677	24	usparented	usparented	ADJ
ftr-312	677	25	structure	structure	NOUN
ftr-312	677	26	respected	respect	VERB
ftr-312	677	27	as	as	ADP
ftr-312	677	28	such	such	ADJ
ftr-312	677	29	for	for	ADP
ftr-312	677	30	us	us	PROPN
ftr-312	677	31	tax	tax	NOUN
ftr-312	677	32	purposes	purpose	NOUN
ftr-312	677	33	absent	absent	ADJ
ftr-312	677	34	substantial	substantial	ADJ
ftr-312	677	35	business	business	NOUN
ftr-312	677	36	activities	activity	NOUN
ftr-312	677	37	in	in	ADP
ftr-312	677	38	the	the	DET
ftr-312	677	39	country	country	NOUN
ftr-312	677	40	where	where	SCONJ
ftr-312	677	41	the	the	DET
ftr-312	677	42	new	new	ADJ
ftr-312	677	43	parent	parent	NOUN
ftr-312	677	44	is	be	AUX
ftr-312	677	45	incorporated.156	incorporated.156	ADJ
ftr-312	677	46	other	other	ADJ
ftr-312	677	47	proposals	proposal	NOUN
ftr-312	677	48	could	could	AUX
ftr-312	677	49	tighten	tighten	VERB
ftr-312	677	50	earnings	earning	NOUN
ftr-312	677	51	-	-	PUNCT
ftr-312	677	52	stripping	strip	VERB
ftr-312	677	53	rules	rule	NOUN
ftr-312	677	54	and	and	CCONJ
ftr-312	677	55	limit	limit	VERB
ftr-312	677	56	the	the	DET
ftr-312	677	57	ability	ability	NOUN
ftr-312	677	58	of	of	ADP
ftr-312	677	59	us	us	PROPN
ftr-312	677	60	subsidiaries	subsidiary	NOUN
ftr-312	677	61	of	of	ADP
ftr-312	677	62	non	non	ADJ
ftr-312	677	63	-	-	ADJ
ftr-312	677	64	us	us	ADJ
ftr-312	677	65	parents	parent	NOUN
ftr-312	677	66	to	to	PART
ftr-312	677	67	erode	erode	VERB
ftr-312	677	68	us	we	PRON
ftr-312	677	69	tax	tax	NOUN
ftr-312	677	70	bases	basis	NOUN
ftr-312	677	71	via	via	ADP
ftr-312	677	72	deductible	deductible	ADJ
ftr-312	677	73	payments	payment	NOUN
ftr-312	677	74	such	such	ADJ
ftr-312	677	75	as	as	ADP
ftr-312	677	76	interest	interest	NOUN
ftr-312	677	77	and	and	CCONJ
ftr-312	677	78	royalties;157	royalties;157	NOUN
ftr-312	677	79	impose	impose	VERB
ftr-312	677	80	a	a	DET
ftr-312	677	81	mind	mind	NOUN
ftr-312	677	82	-	-	PUNCT
ftr-312	677	83	and	and	CCONJ
ftr-312	677	84	-	-	PUNCT
ftr-312	677	85	management	management	NOUN
ftr-312	677	86	residence	residence	NOUN
ftr-312	677	87	rule	rule	NOUN
ftr-312	677	88	to	to	PART
ftr-312	677	89	replace	replace	VERB
ftr-312	677	90	the	the	DET
ftr-312	677	91	current	current	ADJ
ftr-312	677	92	place	place	NOUN
ftr-312	677	93	-	-	PUNCT
ftr-312	677	94	of	of	ADP
ftr-312	677	95	-	-	PUNCT
ftr-312	677	96	incorporation	incorporation	NOUN
ftr-312	677	97	rule;158	rule;158	NOUN
ftr-312	677	98	or	or	CCONJ
ftr-312	677	99	impose	impose	VERB
ftr-312	677	100	a	a	DET
ftr-312	677	101	higher	high	ADJ
ftr-312	677	102	rate	rate	NOUN
ftr-312	677	103	on	on	ADP
ftr-312	677	104	dividends	dividend	NOUN
ftr-312	677	105	paid	pay	VERB
ftr-312	677	106	to	to	ADP
ftr-312	677	107	us	us	PROPN
ftr-312	677	108	shareholders	shareholder	NOUN
ftr-312	677	109	from	from	ADP
ftr-312	677	110	non	non	ADJ
ftr-312	677	111	-	-	ADJ
ftr-312	677	112	us	us	ADJ
ftr-312	677	113	corporations	corporation	NOUN
ftr-312	677	114	compared	compare	VERB
ftr-312	677	115	to	to	ADP
ftr-312	677	116	dividends	dividend	NOUN
ftr-312	677	117	from	from	ADP
ftr-312	677	118	us	we	PRON
ftr-312	677	119	corporations.159	corporations.159	PROPN
ftr-312	677	120	if	if	SCONJ
ftr-312	677	121	non	non	ADJ
ftr-312	677	122	-	-	ADJ
ftr-312	677	123	us	us	ADV
ftr-312	677	124	-	-	PUNCT
ftr-312	677	125	parented	parent	VERB
ftr-312	677	126	mncs	mncs	PROPN
ftr-312	677	127	are	be	AUX
ftr-312	677	128	less	less	ADV
ftr-312	677	129	effective	effective	ADJ
ftr-312	677	130	than	than	ADP
ftr-312	677	131	us	us	NOUN
ftr-312	677	132	-	-	PUNCT
ftr-312	677	133	parented	parent	VERB
ftr-312	677	134	mncs	mncs	PROPN
ftr-312	677	135	at	at	ADP
ftr-312	677	136	lobbying	lobby	VERB
ftr-312	677	137	congress	congress	PROPN
ftr-312	677	138	,	,	PUNCT
ftr-312	677	139	antiforeign	antiforeign	ADJ
ftr-312	677	140	-	-	PUNCT
ftr-312	677	141	corporation	corporation	NOUN
ftr-312	677	142	proposals	proposal	NOUN
ftr-312	677	143	like	like	ADP
ftr-312	677	144	these	these	PRON
ftr-312	677	145	may	may	AUX
ftr-312	677	146	have	have	VERB
ftr-312	677	147	a	a	DET
ftr-312	677	148	greater	great	ADJ
ftr-312	677	149	chance	chance	NOUN
ftr-312	677	150	of	of	ADP
ftr-312	677	151	enactment	enactment	NOUN
ftr-312	677	152	relative	relative	ADJ
ftr-312	677	153	to	to	ADP
ftr-312	677	154	proposals	proposal	NOUN
ftr-312	677	155	that	that	PRON
ftr-312	677	156	impose	impose	VERB
ftr-312	677	157	more	more	ADV
ftr-312	677	158	onerous	onerous	ADJ
ftr-312	677	159	requirements	requirement	NOUN
ftr-312	677	160	on	on	ADP
ftr-312	677	161	us	us	PROPN
ftr-312	677	162	-	-	PUNCT
ftr-312	677	163	parented	parent	VERB
ftr-312	677	164	firms	firm	NOUN
ftr-312	677	165	.	.	PUNCT
ftr-312	678	1	160	160	NUM
ftr-312	678	2	another	another	DET
ftr-312	678	3	possibility	possibility	NOUN
ftr-312	678	4	is	be	AUX
ftr-312	678	5	that	that	SCONJ
ftr-312	678	6	uncertainty	uncertainty	NOUN
ftr-312	678	7	aversion	aversion	NOUN
ftr-312	678	8	causes	cause	VERB
ftr-312	678	9	a	a	DET
ftr-312	678	10	higher	high	ADJ
ftr-312	678	11	level	level	NOUN
ftr-312	678	12	of	of	ADP
ftr-312	678	13	concern	concern	NOUN
ftr-312	678	14	about	about	ADP
ftr-312	678	15	the	the	DET
ftr-312	678	16	possibility	possibility	NOUN
ftr-312	678	17	of	of	ADP
ftr-312	678	18	change	change	NOUN
ftr-312	678	19	adverse	adverse	ADJ
ftr-312	678	20	to	to	ADP
ftr-312	678	21	a	a	DET
ftr-312	678	22	non	non	ADJ
ftr-312	678	23	-	-	ADJ
ftr-312	678	24	us	us	ADV
ftr-312	678	25	-	-	PUNCT
ftr-312	678	26	parented	parent	VERB
ftr-312	678	27	156	156	NUM
ftr-312	678	28	.	.	PUNCT
ftr-312	679	1	see	see	VERB
ftr-312	679	2	supra	supra	PROPN
ftr-312	679	3	notes	note	VERB
ftr-312	679	4	18–20	18–20	NUM
ftr-312	679	5	and	and	CCONJ
ftr-312	679	6	accompanying	accompany	VERB
ftr-312	679	7	text	text	NOUN
ftr-312	679	8	(	(	PUNCT
ftr-312	679	9	analyzing	analyze	VERB
ftr-312	679	10	i.r.c	i.r.c	NOUN
ftr-312	679	11	.	.	PUNCT
ftr-312	680	1	§	§	PROPN
ftr-312	680	2	7874	7874	NUM
ftr-312	680	3	)	)	PUNCT
ftr-312	680	4	.	.	PUNCT
ftr-312	681	1	157	157	NUM
ftr-312	681	2	.	.	PUNCT
ftr-312	682	1	a	a	DET
ftr-312	682	2	series	series	NOUN
ftr-312	682	3	of	of	ADP
ftr-312	682	4	administration	administration	NOUN
ftr-312	682	5	proposals	proposal	NOUN
ftr-312	682	6	made	make	VERB
ftr-312	682	7	by	by	ADP
ftr-312	682	8	both	both	CCONJ
ftr-312	682	9	the	the	DET
ftr-312	682	10	bush	bush	PROPN
ftr-312	682	11	and	and	CCONJ
ftr-312	682	12	obama	obama	PROPN
ftr-312	682	13	administrations	administration	NOUN
ftr-312	682	14	would	would	AUX
ftr-312	682	15	significantly	significantly	ADV
ftr-312	682	16	limit	limit	VERB
ftr-312	682	17	the	the	DET
ftr-312	682	18	deductibility	deductibility	NOUN
ftr-312	682	19	of	of	ADP
ftr-312	682	20	interest	interest	NOUN
ftr-312	682	21	expense	expense	NOUN
ftr-312	682	22	paid	pay	VERB
ftr-312	682	23	by	by	ADP
ftr-312	682	24	us	us	PROPN
ftr-312	682	25	subsidiaries	subsidiary	NOUN
ftr-312	682	26	to	to	ADP
ftr-312	682	27	foreign	foreign	ADJ
ftr-312	682	28	parents	parent	NOUN
ftr-312	682	29	established	establish	VERB
ftr-312	682	30	in	in	ADP
ftr-312	682	31	an	an	DET
ftr-312	682	32	inversion	inversion	NOUN
ftr-312	682	33	transaction	transaction	NOUN
ftr-312	682	34	.	.	PUNCT
ftr-312	683	1	see	see	VERB
ftr-312	683	2	solomon	solomon	PROPN
ftr-312	683	3	,	,	PUNCT
ftr-312	683	4	corporate	corporate	ADJ
ftr-312	683	5	inversions	inversion	NOUN
ftr-312	683	6	:	:	PUNCT
ftr-312	683	7	a	a	DET
ftr-312	683	8	symptom	symptom	NOUN
ftr-312	683	9	of	of	ADP
ftr-312	683	10	larger	large	ADJ
ftr-312	683	11	tax	tax	NOUN
ftr-312	683	12	system	system	NOUN
ftr-312	683	13	problems	problem	NOUN
ftr-312	683	14	,	,	PUNCT
ftr-312	683	15	supra	supra	PROPN
ftr-312	683	16	note	note	NOUN
ftr-312	683	17	20	20	NUM
ftr-312	683	18	,	,	PUNCT
ftr-312	683	19	at	at	ADP
ftr-312	683	20	1451–52	1451–52	NUM
ftr-312	683	21	.	.	PUNCT
ftr-312	684	1	158	158	NUM
ftr-312	684	2	.	.	PUNCT
ftr-312	685	1	one	one	NUM
ftr-312	685	2	example	example	NOUN
ftr-312	685	3	is	be	AUX
ftr-312	685	4	legislation	legislation	NOUN
ftr-312	685	5	that	that	PRON
ftr-312	685	6	would	would	AUX
ftr-312	685	7	change	change	VERB
ftr-312	685	8	the	the	DET
ftr-312	685	9	corporate	corporate	ADJ
ftr-312	685	10	tax	tax	NOUN
ftr-312	685	11	residence	residence	NOUN
ftr-312	685	12	rule	rule	NOUN
ftr-312	685	13	from	from	ADP
ftr-312	685	14	place	place	NOUN
ftr-312	685	15	-	-	PUNCT
ftr-312	685	16	of	of	ADP
ftr-312	685	17	-	-	PUNCT
ftr-312	685	18	incorporation	incorporation	NOUN
ftr-312	685	19	to	to	ADP
ftr-312	685	20	place	place	NOUN
ftr-312	685	21	of	of	ADP
ftr-312	685	22	management	management	NOUN
ftr-312	685	23	and	and	CCONJ
ftr-312	685	24	control	control	NOUN
ftr-312	685	25	or	or	CCONJ
ftr-312	685	26	place	place	NOUN
ftr-312	685	27	of	of	ADP
ftr-312	685	28	listing	listing	NOUN
ftr-312	685	29	.	.	PUNCT
ftr-312	686	1	see	see	VERB
ftr-312	686	2	omri	omri	PROPN
ftr-312	686	3	y.	y.	PROPN
ftr-312	686	4	marian	marian	PROPN
ftr-312	686	5	,	,	PUNCT
ftr-312	686	6	jurisdiction	jurisdiction	NOUN
ftr-312	686	7	to	to	PART
ftr-312	686	8	tax	tax	NOUN
ftr-312	686	9	corporations	corporation	NOUN
ftr-312	686	10	,	,	PUNCT
ftr-312	686	11	54	54	NUM
ftr-312	686	12	b.c	b.c	PROPN
ftr-312	686	13	.	.	PROPN
ftr-312	686	14	l.	l.	PROPN
ftr-312	686	15	rev	rev	PROPN
ftr-312	686	16	.	.	PUNCT
ftr-312	687	1	_	_	PUNCT
ftr-312	687	2	_	_	PUNCT
ftr-312	688	1	(	(	PUNCT
ftr-312	688	2	forthcoming	forthcoming	ADJ
ftr-312	688	3	2013	2013	NUM
ftr-312	688	4	)	)	PUNCT
ftr-312	688	5	,	,	PUNCT
ftr-312	688	6	manuscript	manuscript	NOUN
ftr-312	688	7	at	at	ADP
ftr-312	688	8	45	45	NUM
ftr-312	688	9	(	(	PUNCT
ftr-312	688	10	identifying	identify	VERB
ftr-312	688	11	proposals	proposal	NOUN
ftr-312	688	12	to	to	PART
ftr-312	688	13	change	change	VERB
ftr-312	688	14	us	we	PRON
ftr-312	688	15	corporate	corporate	ADJ
ftr-312	688	16	residence	residence	NOUN
ftr-312	688	17	rule	rule	NOUN
ftr-312	688	18	)	)	PUNCT
ftr-312	688	19	,	,	PUNCT
ftr-312	688	20	51–53	51–53	NUM
ftr-312	688	21	(	(	PUNCT
ftr-312	688	22	advocating	advocate	VERB
ftr-312	688	23	us	we	PRON
ftr-312	688	24	residence	residence	NOUN
ftr-312	688	25	status	status	NOUN
ftr-312	688	26	for	for	ADP
ftr-312	688	27	corporations	corporation	NOUN
ftr-312	688	28	managed	manage	VERB
ftr-312	688	29	and	and	CCONJ
ftr-312	688	30	controlled	control	VERB
ftr-312	688	31	in	in	ADP
ftr-312	688	32	the	the	DET
ftr-312	688	33	united	united	PROPN
ftr-312	688	34	states	states	PROPN
ftr-312	688	35	or	or	CCONJ
ftr-312	688	36	listed	list	VERB
ftr-312	688	37	on	on	ADP
ftr-312	688	38	a	a	DET
ftr-312	688	39	us	us	PROPN
ftr-312	688	40	exchange	exchange	NOUN
ftr-312	688	41	)	)	PUNCT
ftr-312	688	42	.	.	PUNCT
ftr-312	689	1	159	159	NUM
ftr-312	689	2	.	.	PUNCT
ftr-312	690	1	currently	currently	ADV
ftr-312	690	2	,	,	PUNCT
ftr-312	690	3	dividends	dividend	NOUN
ftr-312	690	4	from	from	ADP
ftr-312	690	5	“	"	PUNCT
ftr-312	690	6	qualified	qualified	ADJ
ftr-312	690	7	foreign	foreign	ADJ
ftr-312	690	8	corporations	corporation	NOUN
ftr-312	690	9	,	,	PUNCT
ftr-312	690	10	”	"	PUNCT
ftr-312	690	11	meaning	mean	VERB
ftr-312	690	12	dividends	dividend	NOUN
ftr-312	690	13	on	on	ADP
ftr-312	690	14	publicly	publicly	ADV
ftr-312	690	15	traded	trade	VERB
ftr-312	690	16	stock	stock	NOUN
ftr-312	690	17	or	or	CCONJ
ftr-312	690	18	dividends	dividend	NOUN
ftr-312	690	19	from	from	ADP
ftr-312	690	20	corporations	corporation	NOUN
ftr-312	690	21	eligible	eligible	ADJ
ftr-312	690	22	for	for	ADP
ftr-312	690	23	the	the	DET
ftr-312	690	24	benefits	benefit	NOUN
ftr-312	690	25	of	of	ADP
ftr-312	690	26	a	a	DET
ftr-312	690	27	satisfactory	satisfactory	ADJ
ftr-312	690	28	comprehensive	comprehensive	ADJ
ftr-312	690	29	income	income	NOUN
ftr-312	690	30	tax	tax	NOUN
ftr-312	690	31	treaty	treaty	NOUN
ftr-312	690	32	,	,	PUNCT
ftr-312	690	33	are	be	AUX
ftr-312	690	34	taxed	tax	VERB
ftr-312	690	35	at	at	ADP
ftr-312	690	36	the	the	DET
ftr-312	690	37	preferential	preferential	ADJ
ftr-312	690	38	rate	rate	NOUN
ftr-312	690	39	under	under	ADP
ftr-312	690	40	section	section	NOUN
ftr-312	690	41	1(h	1(h	NUM
ftr-312	690	42	)	)	PUNCT
ftr-312	690	43	that	that	PRON
ftr-312	690	44	also	also	ADV
ftr-312	690	45	applies	apply	VERB
ftr-312	690	46	to	to	ADP
ftr-312	690	47	dividends	dividend	NOUN
ftr-312	690	48	from	from	ADP
ftr-312	690	49	us	us	PROPN
ftr-312	690	50	corporations	corporation	NOUN
ftr-312	690	51	.	.	PUNCT
ftr-312	691	1	i.r.c	i.r.c	NOUN
ftr-312	691	2	.	.	PUNCT
ftr-312	692	1	§	§	PROPN
ftr-312	692	2	1(h)(11)(c	1(h)(11)(c	NUM
ftr-312	692	3	)	)	PUNCT
ftr-312	692	4	.	.	PUNCT
ftr-312	693	1	160	160	NUM
ftr-312	693	2	.	.	PUNCT
ftr-312	694	1	see	see	VERB
ftr-312	694	2	,	,	PUNCT
ftr-312	694	3	e.g.	e.g.	ADV
ftr-312	694	4	,	,	PUNCT
ftr-312	694	5	david	david	PROPN
ftr-312	694	6	rogers	rogers	PROPN
ftr-312	694	7	,	,	PUNCT
ftr-312	694	8	capital	capital	NOUN
ftr-312	694	9	climate	climate	NOUN
ftr-312	694	10	discomfits	discomfit	NOUN
ftr-312	694	11	multinationals	multinational	NOUN
ftr-312	694	12	–	–	PUNCT
ftr-312	694	13	business	business	NOUN
ftr-312	694	14	frauds	fraud	NOUN
ftr-312	694	15	,	,	PUNCT
ftr-312	694	16	patriotic	patriotic	ADJ
ftr-312	694	17	fever	fever	NOUN
ftr-312	694	18	dominate	dominate	VERB
ftr-312	694	19	debates	debate	NOUN
ftr-312	694	20	on	on	ADP
ftr-312	694	21	offshore	offshore	ADJ
ftr-312	694	22	havens	haven	NOUN
ftr-312	694	23	,	,	PUNCT
ftr-312	694	24	tax	tax	NOUN
ftr-312	694	25	breaks	break	NOUN
ftr-312	694	26	,	,	PUNCT
ftr-312	694	27	wall	wall	PROPN
ftr-312	694	28	st	st	PROPN
ftr-312	694	29	.	.	PROPN
ftr-312	694	30	j.	j.	PROPN
ftr-312	694	31	,	,	PUNCT
ftr-312	694	32	july	july	PROPN
ftr-312	694	33	25	25	NUM
ftr-312	694	34	,	,	PUNCT
ftr-312	694	35	2002	2002	NUM
ftr-312	694	36	,	,	PUNCT
ftr-312	694	37	at	at	ADP
ftr-312	694	38	a4	a4	NOUN
ftr-312	694	39	(	(	PUNCT
ftr-312	694	40	reporting	report	VERB
ftr-312	694	41	the	the	DET
ftr-312	694	42	issue	issue	NOUN
ftr-312	694	43	of	of	ADP
ftr-312	694	44	anti	anti	ADJ
ftr-312	694	45	-	-	ADJ
ftr-312	694	46	inversion	inversion	ADJ
ftr-312	694	47	legislation	legislation	NOUN
ftr-312	694	48	in	in	ADP
ftr-312	694	49	the	the	DET
ftr-312	694	50	wake	wake	NOUN
ftr-312	694	51	of	of	ADP
ftr-312	694	52	stanley	stanley	NOUN
ftr-312	694	53	works	work	VERB
ftr-312	694	54	’	'	PUNCT
ftr-312	694	55	effort	effort	NOUN
ftr-312	694	56	to	to	PART
ftr-312	694	57	reincorporate	reincorporate	VERB
ftr-312	694	58	in	in	ADP
ftr-312	694	59	bermuda	bermuda	NOUN
ftr-312	694	60	as	as	ADP
ftr-312	694	61	an	an	DET
ftr-312	694	62	potent	potent	ADJ
ftr-312	694	63	congressional	congressional	ADJ
ftr-312	694	64	campaign	campaign	NOUN
ftr-312	694	65	issue	issue	NOUN
ftr-312	694	66	)	)	PUNCT
ftr-312	694	67	.	.	PUNCT
ftr-312	695	1	2013	2013	NUM
ftr-312	695	2	]	]	PUNCT
ftr-312	695	3	tax	tax	NOUN
ftr-312	695	4	planning	planning	NOUN
ftr-312	695	5	and	and	CCONJ
ftr-312	695	6	initial	initial	ADJ
ftr-312	695	7	incorporation	incorporation	NOUN
ftr-312	695	8	location	location	NOUN
ftr-312	695	9	353	353	NUM
ftr-312	695	10	structure.161	structure.161	ADJ
ftr-312	695	11	there	there	PRON
ftr-312	695	12	are	be	AUX
ftr-312	695	13	numerous	numerous	ADJ
ftr-312	695	14	data	datum	NOUN
ftr-312	695	15	points	point	NOUN
ftr-312	695	16	related	relate	VERB
ftr-312	695	17	to	to	ADP
ftr-312	695	18	the	the	DET
ftr-312	695	19	possibility	possibility	NOUN
ftr-312	695	20	of	of	ADP
ftr-312	695	21	congressional	congressional	ADJ
ftr-312	695	22	change	change	NOUN
ftr-312	695	23	adverse	adverse	ADJ
ftr-312	695	24	to	to	ADP
ftr-312	695	25	us	we	PRON
ftr-312	695	26	-	-	PUNCT
ftr-312	695	27	parented	parent	VERB
ftr-312	695	28	mncs	mncs	PROPN
ftr-312	695	29	.	.	PUNCT
ftr-312	696	1	us	us	PROPN
ftr-312	696	2	-	-	PUNCT
ftr-312	696	3	based	base	VERB
ftr-312	696	4	advisors	advisor	NOUN
ftr-312	696	5	have	have	VERB
ftr-312	696	6	access	access	NOUN
ftr-312	696	7	to	to	ADP
ftr-312	696	8	fewer	few	ADJ
ftr-312	696	9	data	datum	NOUN
ftr-312	696	10	points	point	NOUN
ftr-312	696	11	related	relate	VERB
ftr-312	696	12	to	to	ADP
ftr-312	696	13	the	the	DET
ftr-312	696	14	possibility	possibility	NOUN
ftr-312	696	15	of	of	ADP
ftr-312	696	16	either	either	CCONJ
ftr-312	696	17	us	we	PRON
ftr-312	696	18	or	or	CCONJ
ftr-312	696	19	non	non	ADJ
ftr-312	696	20	-	-	ADJ
ftr-312	696	21	us	we	PRON
ftr-312	696	22	change	change	VERB
ftr-312	696	23	adverse	adverse	ADJ
ftr-312	696	24	to	to	ADP
ftr-312	696	25	non	non	ADJ
ftr-312	696	26	-	-	ADJ
ftr-312	696	27	us	we	PRON
ftr-312	696	28	parented	parent	VERB
ftr-312	696	29	mncs	mncs	PROPN
ftr-312	696	30	.	.	PUNCT
ftr-312	697	1	for	for	ADP
ftr-312	697	2	example	example	NOUN
ftr-312	697	3	,	,	PUNCT
ftr-312	697	4	us	us	PROPN
ftr-312	697	5	advisors	advisor	NOUN
ftr-312	697	6	may	may	AUX
ftr-312	697	7	be	be	AUX
ftr-312	697	8	able	able	ADJ
ftr-312	697	9	to	to	PART
ftr-312	697	10	predict	predict	VERB
ftr-312	697	11	likely	likely	ADJ
ftr-312	697	12	congressional	congressional	ADJ
ftr-312	697	13	action	action	NOUN
ftr-312	697	14	related	relate	VERB
ftr-312	697	15	to	to	ADP
ftr-312	697	16	the	the	DET
ftr-312	697	17	repeated	repeat	VERB
ftr-312	697	18	renewal	renewal	NOUN
ftr-312	697	19	of	of	ADP
ftr-312	697	20	specific	specific	ADJ
ftr-312	697	21	tax	tax	NOUN
ftr-312	697	22	breaks	break	NOUN
ftr-312	697	23	.	.	PUNCT
ftr-312	698	1	“	"	PUNCT
ftr-312	698	2	look	look	VERB
ftr-312	698	3	-	-	PUNCT
ftr-312	698	4	through	through	NOUN
ftr-312	698	5	”	"	PUNCT
ftr-312	698	6	rules	rule	NOUN
ftr-312	698	7	for	for	ADP
ftr-312	698	8	payments	payment	NOUN
ftr-312	698	9	between	between	ADP
ftr-312	698	10	related	related	ADJ
ftr-312	698	11	controlled	control	VERB
ftr-312	698	12	foreign	foreign	ADJ
ftr-312	698	13	corporations	corporation	NOUN
ftr-312	698	14	and	and	CCONJ
ftr-312	698	15	the	the	DET
ftr-312	698	16	subpart	subpart	NOUN
ftr-312	698	17	f	f	PROPN
ftr-312	698	18	active	active	ADJ
ftr-312	698	19	financing	financing	NOUN
ftr-312	698	20	exception	exception	NOUN
ftr-312	698	21	provide	provide	VERB
ftr-312	698	22	two	two	NUM
ftr-312	698	23	current	current	ADJ
ftr-312	698	24	examples	example	NOUN
ftr-312	698	25	of	of	ADP
ftr-312	698	26	provisions	provision	NOUN
ftr-312	698	27	that	that	PRON
ftr-312	698	28	us	us	PROPN
ftr-312	698	29	-	-	PUNCT
ftr-312	698	30	parented	parent	VERB
ftr-312	698	31	mncs	mncs	PROPN
ftr-312	698	32	regularly	regularly	ADV
ftr-312	698	33	lobby	lobby	VERB
ftr-312	698	34	to	to	PART
ftr-312	698	35	preserve	preserve	VERB
ftr-312	698	36	to	to	PART
ftr-312	698	37	ensure	ensure	VERB
ftr-312	698	38	that	that	SCONJ
ftr-312	698	39	their	their	PRON
ftr-312	698	40	treatment	treatment	NOUN
ftr-312	698	41	under	under	ADP
ftr-312	698	42	the	the	DET
ftr-312	698	43	existing	exist	VERB
ftr-312	698	44	set	set	NOUN
ftr-312	698	45	of	of	ADP
ftr-312	698	46	rules	rule	NOUN
ftr-312	698	47	does	do	AUX
ftr-312	698	48	not	not	PART
ftr-312	698	49	worsen.162	worsen.162	VERB
ftr-312	698	50	the	the	DET
ftr-312	698	51	repeated	repeat	VERB
ftr-312	698	52	renewal	renewal	NOUN
ftr-312	698	53	of	of	ADP
ftr-312	698	54	such	such	ADJ
ftr-312	698	55	tax	tax	NOUN
ftr-312	698	56	breaks	break	NOUN
ftr-312	698	57	provides	provide	VERB
ftr-312	698	58	ample	ample	ADJ
ftr-312	698	59	opportunity	opportunity	NOUN
ftr-312	698	60	to	to	PART
ftr-312	698	61	observe	observe	VERB
ftr-312	698	62	corporate	corporate	ADJ
ftr-312	698	63	interest	interest	NOUN
ftr-312	698	64	groups	group	NOUN
ftr-312	698	65	’	'	PUNCT
ftr-312	698	66	ability	ability	NOUN
ftr-312	698	67	to	to	PART
ftr-312	698	68	lobby	lobby	VERB
ftr-312	698	69	and	and	CCONJ
ftr-312	698	70	influence	influence	NOUN
ftr-312	698	71	legislation	legislation	NOUN
ftr-312	698	72	and	and	CCONJ
ftr-312	698	73	to	to	PART
ftr-312	698	74	support	support	VERB
ftr-312	698	75	a	a	DET
ftr-312	698	76	conclusion	conclusion	NOUN
ftr-312	698	77	on	on	ADP
ftr-312	698	78	the	the	DET
ftr-312	698	79	part	part	NOUN
ftr-312	698	80	of	of	ADP
ftr-312	698	81	advisors	advisor	NOUN
ftr-312	698	82	and	and	CCONJ
ftr-312	698	83	161	161	NUM
ftr-312	698	84	.	.	PUNCT
ftr-312	699	1	uncertainty	uncertainty	NOUN
ftr-312	699	2	aversion	aversion	NOUN
ftr-312	699	3	describes	describe	VERB
ftr-312	699	4	a	a	DET
ftr-312	699	5	preference	preference	NOUN
ftr-312	699	6	for	for	ADP
ftr-312	699	7	avoiding	avoid	VERB
ftr-312	699	8	situations	situation	NOUN
ftr-312	699	9	in	in	ADP
ftr-312	699	10	which	which	PRON
ftr-312	699	11	the	the	DET
ftr-312	699	12	chances	chance	NOUN
ftr-312	699	13	of	of	ADP
ftr-312	699	14	different	different	ADJ
ftr-312	699	15	possible	possible	ADJ
ftr-312	699	16	outcomes	outcome	NOUN
ftr-312	699	17	are	be	AUX
ftr-312	699	18	unknown	unknown	ADJ
ftr-312	699	19	.	.	PUNCT
ftr-312	700	1	see	see	VERB
ftr-312	700	2	david	david	PROPN
ftr-312	700	3	schmeidler	schmeidler	PROPN
ftr-312	700	4	,	,	PUNCT
ftr-312	700	5	subjective	subjective	ADJ
ftr-312	700	6	probability	probability	NOUN
ftr-312	700	7	and	and	CCONJ
ftr-312	700	8	expected	expect	VERB
ftr-312	700	9	utility	utility	NOUN
ftr-312	700	10	without	without	ADP
ftr-312	700	11	additivity	additivity	NOUN
ftr-312	700	12	,	,	PUNCT
ftr-312	700	13	57	57	NUM
ftr-312	700	14	econometrica	econometrica	NOUN
ftr-312	700	15	571	571	NUM
ftr-312	700	16	(	(	PUNCT
ftr-312	700	17	1989	1989	NUM
ftr-312	700	18	)	)	PUNCT
ftr-312	700	19	;	;	PUNCT
ftr-312	700	20	see	see	VERB
ftr-312	700	21	also	also	ADV
ftr-312	700	22	larry	larry	PROPN
ftr-312	700	23	g.	g.	PROPN
ftr-312	700	24	epstein	epstein	PROPN
ftr-312	700	25	,	,	PUNCT
ftr-312	700	26	a	a	DET
ftr-312	700	27	definition	definition	NOUN
ftr-312	700	28	of	of	ADP
ftr-312	700	29	uncertainty	uncertainty	NOUN
ftr-312	700	30	aversion	aversion	NOUN
ftr-312	700	31	,	,	PUNCT
ftr-312	700	32	66	66	NUM
ftr-312	700	33	rev	rev	VERB
ftr-312	700	34	.	.	PROPN
ftr-312	700	35	econ	econ	PROPN
ftr-312	700	36	.	.	PUNCT
ftr-312	700	37	stud	stud	PROPN
ftr-312	700	38	.	.	PUNCT
ftr-312	701	1	579	579	NUM
ftr-312	701	2	(	(	PUNCT
ftr-312	701	3	1999	1999	NUM
ftr-312	701	4	)	)	PUNCT
ftr-312	701	5	.	.	PUNCT
ftr-312	702	1	uncertainty	uncertainty	NOUN
ftr-312	702	2	aversion	aversion	NOUN
ftr-312	702	3	can	can	AUX
ftr-312	702	4	be	be	AUX
ftr-312	702	5	analyzed	analyze	VERB
ftr-312	702	6	separately	separately	ADV
ftr-312	702	7	from	from	ADP
ftr-312	702	8	risk	risk	NOUN
ftr-312	702	9	aversion	aversion	NOUN
ftr-312	702	10	,	,	PUNCT
ftr-312	702	11	which	which	PRON
ftr-312	702	12	refers	refer	VERB
ftr-312	702	13	to	to	ADP
ftr-312	702	14	a	a	DET
ftr-312	702	15	preference	preference	NOUN
ftr-312	702	16	for	for	ADP
ftr-312	702	17	avoiding	avoid	VERB
ftr-312	702	18	situations	situation	NOUN
ftr-312	702	19	in	in	ADP
ftr-312	702	20	which	which	PRON
ftr-312	702	21	the	the	DET
ftr-312	702	22	outcome	outcome	NOUN
ftr-312	702	23	is	be	AUX
ftr-312	702	24	not	not	PART
ftr-312	702	25	known	know	VERB
ftr-312	702	26	,	,	PUNCT
ftr-312	702	27	but	but	CCONJ
ftr-312	702	28	the	the	DET
ftr-312	702	29	chances	chance	NOUN
ftr-312	702	30	of	of	ADP
ftr-312	702	31	different	different	ADJ
ftr-312	702	32	possible	possible	ADJ
ftr-312	702	33	outcomes	outcome	NOUN
ftr-312	702	34	are	be	AUX
ftr-312	702	35	known	know	VERB
ftr-312	702	36	.	.	PUNCT
ftr-312	703	1	see	see	VERB
ftr-312	703	2	frank	frank	PROPN
ftr-312	703	3	h.	h.	PROPN
ftr-312	703	4	knight	knight	PROPN
ftr-312	703	5	,	,	PUNCT
ftr-312	703	6	risk	risk	NOUN
ftr-312	703	7	,	,	PUNCT
ftr-312	703	8	uncertainty	uncertainty	NOUN
ftr-312	703	9	&	&	CCONJ
ftr-312	703	10	profit	profit	PROPN
ftr-312	703	11	part	part	PROPN
ftr-312	703	12	iii	iii	NUM
ftr-312	703	13	ch	ch	NOUN
ftr-312	703	14	viii	viii	NOUN
ftr-312	703	15	(	(	PUNCT
ftr-312	703	16	1921	1921	NUM
ftr-312	703	17	)	)	PUNCT
ftr-312	703	18	(	(	PUNCT
ftr-312	703	19	using	use	VERB
ftr-312	703	20	“	"	PUNCT
ftr-312	703	21	risk	risk	NOUN
ftr-312	703	22	”	"	PUNCT
ftr-312	703	23	to	to	PART
ftr-312	703	24	mean	mean	VERB
ftr-312	703	25	a	a	DET
ftr-312	703	26	measurable	measurable	ADJ
ftr-312	703	27	or	or	CCONJ
ftr-312	703	28	mathematical	mathematical	ADJ
ftr-312	703	29	uncertainty	uncertainty	NOUN
ftr-312	703	30	like	like	ADP
ftr-312	703	31	that	that	PRON
ftr-312	703	32	faced	face	VERB
ftr-312	703	33	in	in	ADP
ftr-312	703	34	a	a	DET
ftr-312	703	35	game	game	NOUN
ftr-312	703	36	of	of	ADP
ftr-312	703	37	chance	chance	NOUN
ftr-312	703	38	and	and	CCONJ
ftr-312	703	39	“	"	PUNCT
ftr-312	703	40	uncertainty	uncertainty	NOUN
ftr-312	703	41	”	"	PUNCT
ftr-312	703	42	to	to	PART
ftr-312	703	43	mean	mean	VERB
ftr-312	703	44	an	an	DET
ftr-312	703	45	unmeasurable	unmeasurable	ADJ
ftr-312	703	46	uncertainty	uncertainty	NOUN
ftr-312	703	47	)	)	PUNCT
ftr-312	703	48	.	.	PUNCT
ftr-312	704	1	see	see	VERB
ftr-312	704	2	also	also	ADV
ftr-312	704	3	kenneth	kenneth	PROPN
ftr-312	704	4	j.	j.	PROPN
ftr-312	704	5	arrow	arrow	PROPN
ftr-312	704	6	,	,	PUNCT
ftr-312	704	7	aspects	aspect	NOUN
ftr-312	704	8	of	of	ADP
ftr-312	704	9	the	the	DET
ftr-312	704	10	theory	theory	NOUN
ftr-312	704	11	of	of	ADP
ftr-312	704	12	risk	risk	NOUN
ftr-312	704	13	-	-	PUNCT
ftr-312	704	14	bearing	bearing	NOUN
ftr-312	704	15	(	(	PUNCT
ftr-312	704	16	1965	1965	NUM
ftr-312	704	17	)	)	PUNCT
ftr-312	704	18	(	(	PUNCT
ftr-312	704	19	providing	provide	VERB
ftr-312	704	20	risk	risk	NOUN
ftr-312	704	21	aversion	aversion	NOUN
ftr-312	704	22	model	model	NOUN
ftr-312	704	23	)	)	PUNCT
ftr-312	704	24	;	;	PUNCT
ftr-312	704	25	sarah	sarah	PROPN
ftr-312	704	26	b.	b.	PROPN
ftr-312	704	27	lawsky	lawsky	PROPN
ftr-312	704	28	,	,	PUNCT
ftr-312	704	29	modeling	model	VERB
ftr-312	704	30	uncertainty	uncertainty	NOUN
ftr-312	704	31	in	in	ADP
ftr-312	704	32	tax	tax	NOUN
ftr-312	704	33	law	law	NOUN
ftr-312	704	34	,	,	PUNCT
ftr-312	704	35	65	65	NUM
ftr-312	704	36	stan	stan	PROPN
ftr-312	704	37	.	.	PUNCT
ftr-312	705	1	l.	l.	PROPN
ftr-312	705	2	rev	rev	AUX
ftr-312	705	3	.	.	PROPN
ftr-312	705	4	241	241	NUM
ftr-312	705	5	,	,	PUNCT
ftr-312	705	6	259–61	259–61	NUM
ftr-312	705	7	(	(	PUNCT
ftr-312	705	8	2013	2013	NUM
ftr-312	705	9	)	)	PUNCT
ftr-312	705	10	(	(	PUNCT
ftr-312	705	11	citing	cite	VERB
ftr-312	705	12	daniel	daniel	PROPN
ftr-312	705	13	ellsberg	ellsberg	PROPN
ftr-312	705	14	,	,	PUNCT
ftr-312	705	15	risk	risk	NOUN
ftr-312	705	16	,	,	PUNCT
ftr-312	705	17	ambiguity	ambiguity	NOUN
ftr-312	705	18	,	,	PUNCT
ftr-312	705	19	and	and	CCONJ
ftr-312	705	20	the	the	DET
ftr-312	705	21	savage	savage	NOUN
ftr-312	705	22	axioms	axiom	NOUN
ftr-312	705	23	,	,	PUNCT
ftr-312	705	24	75	75	NUM
ftr-312	705	25	q.j	q.j	PROPN
ftr-312	705	26	.	.	PROPN
ftr-312	705	27	econ	econ	PROPN
ftr-312	705	28	.	.	PUNCT
ftr-312	706	1	643	643	NUM
ftr-312	706	2	(	(	PUNCT
ftr-312	706	3	1961	1961	NUM
ftr-312	706	4	)	)	PUNCT
ftr-312	706	5	)	)	PUNCT
ftr-312	706	6	.	.	PUNCT
ftr-312	707	1	the	the	DET
ftr-312	707	2	impact	impact	NOUN
ftr-312	707	3	of	of	ADP
ftr-312	707	4	uncertainty	uncertainty	NOUN
ftr-312	707	5	about	about	ADP
ftr-312	707	6	future	future	ADJ
ftr-312	707	7	law	law	NOUN
ftr-312	707	8	changes	change	NOUN
ftr-312	707	9	has	have	AUX
ftr-312	707	10	been	be	AUX
ftr-312	707	11	considered	consider	VERB
ftr-312	707	12	broadly	broadly	ADV
ftr-312	707	13	.	.	PUNCT
ftr-312	708	1	see	see	VERB
ftr-312	708	2	,	,	PUNCT
ftr-312	708	3	e.g.	e.g.	ADV
ftr-312	708	4	,	,	PUNCT
ftr-312	708	5	guy	guy	NOUN
ftr-312	708	6	halfteck	halfteck	NOUN
ftr-312	708	7	,	,	PUNCT
ftr-312	708	8	legislative	legislative	ADJ
ftr-312	708	9	threats	threat	NOUN
ftr-312	708	10	,	,	PUNCT
ftr-312	708	11	61	61	NUM
ftr-312	708	12	stan	stan	NOUN
ftr-312	708	13	.	.	PUNCT
ftr-312	709	1	l.	l.	PROPN
ftr-312	709	2	rev	rev	PROPN
ftr-312	709	3	.	.	PROPN
ftr-312	710	1	629	629	NUM
ftr-312	710	2	(	(	PUNCT
ftr-312	710	3	2008	2008	NUM
ftr-312	710	4	)	)	PUNCT
ftr-312	710	5	.	.	PUNCT
ftr-312	711	1	some	some	DET
ftr-312	711	2	tax	tax	NOUN
ftr-312	711	3	research	research	NOUN
ftr-312	711	4	has	have	AUX
ftr-312	711	5	focused	focus	VERB
ftr-312	711	6	on	on	ADP
ftr-312	711	7	uncertainty	uncertainty	NOUN
ftr-312	711	8	under	under	ADP
ftr-312	711	9	steady	steady	ADJ
ftr-312	711	10	-	-	PUNCT
ftr-312	711	11	state	state	NOUN
ftr-312	711	12	policies	policy	NOUN
ftr-312	711	13	.	.	PUNCT
ftr-312	712	1	for	for	ADP
ftr-312	712	2	example	example	NOUN
ftr-312	712	3	,	,	PUNCT
ftr-312	712	4	sarah	sarah	PROPN
ftr-312	712	5	lawsky	lawsky	PROPN
ftr-312	712	6	has	have	AUX
ftr-312	712	7	pointed	point	VERB
ftr-312	712	8	out	out	ADP
ftr-312	712	9	that	that	SCONJ
ftr-312	712	10	a	a	DET
ftr-312	712	11	taxpayer	taxpayer	NOUN
ftr-312	712	12	’s	’s	PART
ftr-312	712	13	uncertainty	uncertainty	NOUN
ftr-312	712	14	aversion	aversion	NOUN
ftr-312	712	15	may	may	AUX
ftr-312	712	16	function	function	VERB
ftr-312	712	17	as	as	ADP
ftr-312	712	18	a	a	DET
ftr-312	712	19	built	build	VERB
ftr-312	712	20	-	-	PUNCT
ftr-312	712	21	in	in	ADP
ftr-312	712	22	penalty	penalty	NOUN
ftr-312	712	23	.	.	PUNCT
ftr-312	713	1	sarah	sarah	PROPN
ftr-312	713	2	b.	b.	PROPN
ftr-312	713	3	lawsky	lawsky	PROPN
ftr-312	713	4	,	,	PUNCT
ftr-312	713	5	probably	probably	ADV
ftr-312	713	6	?	?	PUNCT
ftr-312	714	1	understanding	understand	VERB
ftr-312	714	2	tax	tax	NOUN
ftr-312	714	3	law	law	NOUN
ftr-312	714	4	’s	’s	PART
ftr-312	714	5	uncertainty	uncertainty	NOUN
ftr-312	714	6	,	,	PUNCT
ftr-312	714	7	157	157	NUM
ftr-312	714	8	u.	u.	PROPN
ftr-312	714	9	pa	pa	PROPN
ftr-312	714	10	.	.	PROPN
ftr-312	714	11	l.	l.	PROPN
ftr-312	714	12	rev	rev	PROPN
ftr-312	714	13	.	.	PROPN
ftr-312	714	14	1017	1017	NUM
ftr-312	714	15	,	,	PUNCT
ftr-312	714	16	1073	1073	NUM
ftr-312	714	17	(	(	PUNCT
ftr-312	714	18	2009	2009	NUM
ftr-312	714	19	)	)	PUNCT
ftr-312	714	20	(	(	PUNCT
ftr-312	714	21	“	"	PUNCT
ftr-312	714	22	[	[	X
ftr-312	714	23	t]heoretical	t]heoretical	ADJ
ftr-312	714	24	models	model	NOUN
ftr-312	714	25	of	of	ADP
ftr-312	714	26	tax	tax	NOUN
ftr-312	714	27	compliance	compliance	NOUN
ftr-312	714	28	may	may	AUX
ftr-312	714	29	benefit	benefit	VERB
ftr-312	714	30	from	from	ADP
ftr-312	714	31	taking	take	VERB
ftr-312	714	32	into	into	ADP
ftr-312	714	33	account	account	NOUN
ftr-312	714	34	an	an	DET
ftr-312	714	35	additional	additional	ADJ
ftr-312	714	36	aspect	aspect	NOUN
ftr-312	714	37	of	of	ADP
ftr-312	714	38	deterrence	deterrence	NOUN
ftr-312	714	39	:	:	PUNCT
ftr-312	714	40	the	the	DET
ftr-312	714	41	built	build	VERB
ftr-312	714	42	-	-	PUNCT
ftr-312	714	43	in	in	ADP
ftr-312	714	44	penalty	penalty	NOUN
ftr-312	714	45	that	that	PRON
ftr-312	714	46	is	be	AUX
ftr-312	714	47	uncertainty	uncertainty	NOUN
ftr-312	714	48	.	.	PUNCT
ftr-312	714	49	”	"	PUNCT
ftr-312	714	50	)	)	PUNCT
ftr-312	714	51	.	.	PUNCT
ftr-312	715	1	others	other	NOUN
ftr-312	715	2	have	have	AUX
ftr-312	715	3	considered	consider	VERB
ftr-312	715	4	the	the	DET
ftr-312	715	5	interaction	interaction	NOUN
ftr-312	715	6	between	between	ADP
ftr-312	715	7	penalties	penalty	NOUN
ftr-312	715	8	and	and	CCONJ
ftr-312	715	9	uncertainty	uncertainty	NOUN
ftr-312	715	10	aversion	aversion	NOUN
ftr-312	715	11	.	.	PUNCT
ftr-312	716	1	see	see	VERB
ftr-312	716	2	mark	mark	PROPN
ftr-312	716	3	p.	p.	PROPN
ftr-312	716	4	gergen	gergen	PROPN
ftr-312	716	5	,	,	PUNCT
ftr-312	716	6	uncertainty	uncertainty	NOUN
ftr-312	716	7	and	and	CCONJ
ftr-312	716	8	tax	tax	NOUN
ftr-312	716	9	enforcement	enforcement	NOUN
ftr-312	716	10	:	:	PUNCT
ftr-312	716	11	a	a	DET
ftr-312	716	12	case	case	NOUN
ftr-312	716	13	for	for	ADP
ftr-312	716	14	moderate	moderate	ADJ
ftr-312	716	15	fault	fault	NOUN
ftr-312	716	16	-	-	PUNCT
ftr-312	716	17	based	base	VERB
ftr-312	716	18	penalties	penalty	NOUN
ftr-312	716	19	,	,	PUNCT
ftr-312	716	20	64	64	NUM
ftr-312	716	21	tax	tax	NOUN
ftr-312	716	22	l.	l.	PROPN
ftr-312	716	23	rev	rev	PROPN
ftr-312	716	24	.	.	PROPN
ftr-312	716	25	453	453	NUM
ftr-312	716	26	,	,	PUNCT
ftr-312	716	27	472	472	NUM
ftr-312	716	28	(	(	PUNCT
ftr-312	716	29	2011	2011	NUM
ftr-312	716	30	)	)	PUNCT
ftr-312	716	31	(	(	PUNCT
ftr-312	716	32	considering	consider	VERB
ftr-312	716	33	solutions	solution	NOUN
ftr-312	716	34	to	to	ADP
ftr-312	716	35	the	the	DET
ftr-312	716	36	problem	problem	NOUN
ftr-312	716	37	that	that	PRON
ftr-312	716	38	a	a	DET
ftr-312	716	39	penalty	penalty	NOUN
ftr-312	716	40	may	may	AUX
ftr-312	716	41	overdeter	overdeter	VERB
ftr-312	716	42	particularly	particularly	ADV
ftr-312	716	43	uncertainty	uncertainty	NOUN
ftr-312	716	44	-	-	PUNCT
ftr-312	716	45	averse	averse	ADJ
ftr-312	716	46	taxpayers	taxpayer	NOUN
ftr-312	716	47	and	and	CCONJ
ftr-312	716	48	underdeter	underdeter	VERB
ftr-312	716	49	others	other	NOUN
ftr-312	716	50	)	)	PUNCT
ftr-312	716	51	;	;	PUNCT
ftr-312	716	52	kyle	kyle	PROPN
ftr-312	716	53	d.	d.	PROPN
ftr-312	716	54	logue	logue	PROPN
ftr-312	716	55	,	,	PUNCT
ftr-312	716	56	optimal	optimal	ADJ
ftr-312	716	57	tax	tax	NOUN
ftr-312	716	58	compliance	compliance	NOUN
ftr-312	716	59	and	and	CCONJ
ftr-312	716	60	penalties	penalty	NOUN
ftr-312	716	61	when	when	SCONJ
ftr-312	716	62	the	the	DET
ftr-312	716	63	law	law	NOUN
ftr-312	716	64	is	be	AUX
ftr-312	716	65	uncertain	uncertain	ADJ
ftr-312	716	66	,	,	PUNCT
ftr-312	716	67	27	27	NUM
ftr-312	716	68	va	va	NOUN
ftr-312	716	69	.	.	PUNCT
ftr-312	717	1	tax	tax	PROPN
ftr-312	717	2	rev	rev	AUX
ftr-312	717	3	.	.	PROPN
ftr-312	717	4	241	241	NUM
ftr-312	717	5	,	,	PUNCT
ftr-312	717	6	293–96	293–96	NUM
ftr-312	717	7	(	(	PUNCT
ftr-312	717	8	2007	2007	NUM
ftr-312	717	9	)	)	PUNCT
ftr-312	717	10	(	(	PUNCT
ftr-312	717	11	analyzing	analyze	VERB
ftr-312	717	12	strict	strict	ADJ
ftr-312	717	13	liability	liability	NOUN
ftr-312	717	14	and	and	CCONJ
ftr-312	717	15	faultbased	faultbase	VERB
ftr-312	717	16	tax	tax	NOUN
ftr-312	717	17	penalty	penalty	NOUN
ftr-312	717	18	structures	structure	NOUN
ftr-312	717	19	assuming	assume	VERB
ftr-312	717	20	legal	legal	ADJ
ftr-312	717	21	uncertainty	uncertainty	NOUN
ftr-312	717	22	)	)	PUNCT
ftr-312	717	23	.	.	PUNCT
ftr-312	718	1	162	162	NUM
ftr-312	718	2	.	.	PUNCT
ftr-312	719	1	see	see	VERB
ftr-312	719	2	,	,	PUNCT
ftr-312	719	3	e.g.	e.g.	ADV
ftr-312	719	4	,	,	PUNCT
ftr-312	719	5	press	press	NOUN
ftr-312	719	6	release	release	NOUN
ftr-312	719	7	,	,	PUNCT
ftr-312	719	8	nat’l	nat’l	NUM
ftr-312	719	9	foreign	foreign	ADJ
ftr-312	719	10	trade	trade	NOUN
ftr-312	719	11	council	council	PROPN
ftr-312	719	12	,	,	PUNCT
ftr-312	719	13	nftc	nftc	NOUN
ftr-312	719	14	urges	urge	VERB
ftr-312	719	15	congress	congress	PROPN
ftr-312	719	16	to	to	PART
ftr-312	719	17	pass	pass	VERB
ftr-312	719	18	tax	tax	NOUN
ftr-312	719	19	extenders	extender	NOUN
ftr-312	719	20	legislation	legislation	NOUN
ftr-312	719	21	,	,	PUNCT
ftr-312	719	22	(	(	PUNCT
ftr-312	719	23	march	march	PROPN
ftr-312	719	24	15	15	NUM
ftr-312	719	25	,	,	PUNCT
ftr-312	719	26	2012	2012	NUM
ftr-312	719	27	)	)	PUNCT
ftr-312	719	28	(	(	PUNCT
ftr-312	719	29	urging	urge	VERB
ftr-312	719	30	renewal	renewal	NOUN
ftr-312	719	31	of	of	ADP
ftr-312	719	32	both	both	DET
ftr-312	719	33	provisions	provision	NOUN
ftr-312	719	34	on	on	ADP
ftr-312	719	35	competitiveness	competitiveness	NOUN
ftr-312	719	36	grounds	ground	NOUN
ftr-312	719	37	)	)	PUNCT
ftr-312	719	38	.	.	PUNCT
ftr-312	720	1	354	354	NUM
ftr-312	720	2	florida	florida	PROPN
ftr-312	720	3	tax	tax	NOUN
ftr-312	720	4	review	review	NOUN
ftr-312	720	5	[	[	X
ftr-312	720	6	vol	vol	NOUN
ftr-312	720	7	.	.	PUNCT
ftr-312	721	1	14:8	14:8	NUM
ftr-312	721	2	investors	investor	NOUN
ftr-312	721	3	that	that	SCONJ
ftr-312	721	4	a	a	DET
ftr-312	721	5	change	change	NOUN
ftr-312	721	6	adverse	adverse	ADJ
ftr-312	721	7	to	to	ADP
ftr-312	721	8	the	the	DET
ftr-312	721	9	interests	interest	NOUN
ftr-312	721	10	of	of	ADP
ftr-312	721	11	us	us	PROPN
ftr-312	721	12	-	-	PUNCT
ftr-312	721	13	parented	parent	VERB
ftr-312	721	14	mncs	mncs	PROPN
ftr-312	721	15	is	be	AUX
ftr-312	721	16	certainly	certainly	ADV
ftr-312	721	17	unlikely	unlikely	ADJ
ftr-312	721	18	.	.	PUNCT
ftr-312	722	1	advisors	advisor	NOUN
ftr-312	722	2	likely	likely	ADV
ftr-312	722	3	face	face	VERB
ftr-312	722	4	a	a	DET
ftr-312	722	5	higher	high	ADJ
ftr-312	722	6	degree	degree	NOUN
ftr-312	722	7	of	of	ADP
ftr-312	722	8	uncertainty	uncertainty	NOUN
ftr-312	722	9	related	relate	VERB
ftr-312	722	10	to	to	ADP
ftr-312	722	11	the	the	DET
ftr-312	722	12	possibility	possibility	NOUN
ftr-312	722	13	of	of	ADP
ftr-312	722	14	laws	law	NOUN
ftr-312	722	15	penalizing	penalize	VERB
ftr-312	722	16	non	non	ADJ
ftr-312	722	17	-	-	ADJ
ftr-312	722	18	us	us	ADV
ftr-312	722	19	-	-	PUNCT
ftr-312	722	20	parented	parent	VERB
ftr-312	722	21	mncs	mncs	PROPN
ftr-312	722	22	.	.	PUNCT
ftr-312	723	1	in	in	ADP
ftr-312	723	2	the	the	DET
ftr-312	723	3	united	united	PROPN
ftr-312	723	4	states	states	PROPN
ftr-312	723	5	,	,	PUNCT
ftr-312	723	6	there	there	PRON
ftr-312	723	7	are	be	VERB
ftr-312	723	8	few	few	ADJ
ftr-312	723	9	data	datum	NOUN
ftr-312	723	10	points	point	NOUN
ftr-312	723	11	related	relate	VERB
ftr-312	723	12	to	to	ADP
ftr-312	723	13	proposed	propose	VERB
ftr-312	723	14	laws	law	NOUN
ftr-312	723	15	targeting	target	VERB
ftr-312	723	16	non	non	ADJ
ftr-312	723	17	-	-	ADJ
ftr-312	723	18	us	us	ADV
ftr-312	723	19	-	-	PUNCT
ftr-312	723	20	parented	parent	VERB
ftr-312	723	21	firms	firm	NOUN
ftr-312	723	22	.	.	PUNCT
ftr-312	724	1	in	in	ADP
ftr-312	724	2	addition	addition	NOUN
ftr-312	724	3	,	,	PUNCT
ftr-312	724	4	us	us	PROPN
ftr-312	724	5	-	-	PUNCT
ftr-312	724	6	based	base	VERB
ftr-312	724	7	advisors	advisor	NOUN
ftr-312	724	8	may	may	AUX
ftr-312	724	9	know	know	VERB
ftr-312	724	10	less	less	ADJ
ftr-312	724	11	about	about	ADP
ftr-312	724	12	likely	likely	ADJ
ftr-312	724	13	future	future	ADJ
ftr-312	724	14	changes	change	NOUN
ftr-312	724	15	in	in	ADP
ftr-312	724	16	law	law	NOUN
ftr-312	724	17	in	in	ADP
ftr-312	724	18	other	other	ADJ
ftr-312	724	19	jurisdictions	jurisdiction	NOUN
ftr-312	724	20	.	.	PUNCT
ftr-312	725	1	if	if	SCONJ
ftr-312	725	2	so	so	ADV
ftr-312	725	3	,	,	PUNCT
ftr-312	725	4	higher	high	ADJ
ftr-312	725	5	uncertainty	uncertainty	NOUN
ftr-312	725	6	about	about	ADP
ftr-312	725	7	the	the	DET
ftr-312	725	8	likely	likely	ADJ
ftr-312	725	9	changes	change	NOUN
ftr-312	725	10	to	to	ADP
ftr-312	725	11	laws	law	NOUN
ftr-312	725	12	affecting	affect	VERB
ftr-312	725	13	non	non	ADJ
ftr-312	725	14	-	-	ADJ
ftr-312	725	15	us	we	PRON
ftr-312	725	16	mncs	mncs	PROPN
ftr-312	725	17	could	could	AUX
ftr-312	725	18	discourage	discourage	VERB
ftr-312	725	19	use	use	NOUN
ftr-312	725	20	of	of	ADP
ftr-312	725	21	the	the	DET
ftr-312	725	22	non	non	NOUN
ftr-312	725	23	-	-	ADJ
ftr-312	725	24	us	we	PRON
ftr-312	725	25	mnc	mnc	PROPN
ftr-312	725	26	structure	structure	NOUN
ftr-312	725	27	even	even	ADV
ftr-312	725	28	if	if	SCONJ
ftr-312	725	29	such	such	DET
ftr-312	725	30	a	a	DET
ftr-312	725	31	structure	structure	NOUN
ftr-312	725	32	were	be	AUX
ftr-312	725	33	advantageous	advantageous	ADJ
ftr-312	725	34	from	from	ADP
ftr-312	725	35	a	a	DET
ftr-312	725	36	tax	tax	NOUN
ftr-312	725	37	perspective	perspective	NOUN
ftr-312	725	38	.	.	PUNCT
ftr-312	726	1	v.	v.	ADP
ftr-312	726	2	theorizing	theorize	VERB
ftr-312	726	3	the	the	DET
ftr-312	726	4	exceptions	exception	NOUN
ftr-312	726	5	:	:	PUNCT
ftr-312	726	6	what	what	PRON
ftr-312	726	7	facilitates	facilitate	VERB
ftr-312	726	8	a	a	DET
ftr-312	726	9	non	non	ADJ
ftr-312	726	10	-	-	ADJ
ftr-312	726	11	us	us	ADJ
ftr-312	726	12	parent	parent	NOUN
ftr-312	726	13	structure	structure	NOUN
ftr-312	726	14	?	?	PUNCT
ftr-312	727	1	a.	a.	NOUN
ftr-312	727	2	tax	tax	NOUN
ftr-312	727	3	factors	factor	NOUN
ftr-312	727	4	because	because	SCONJ
ftr-312	727	5	more	more	ADV
ftr-312	727	6	mature	mature	ADJ
ftr-312	727	7	and	and	CCONJ
ftr-312	727	8	profitable	profitable	ADJ
ftr-312	727	9	firms	firm	NOUN
ftr-312	727	10	are	be	AUX
ftr-312	727	11	likely	likely	ADJ
ftr-312	727	12	to	to	PART
ftr-312	727	13	benefit	benefit	VERB
ftr-312	727	14	more	more	ADJ
ftr-312	727	15	from	from	ADP
ftr-312	727	16	a	a	DET
ftr-312	727	17	non	non	ADJ
ftr-312	727	18	-	-	ADJ
ftr-312	727	19	us	us	ADV
ftr-312	727	20	-	-	PUNCT
ftr-312	727	21	parented	parent	VERB
ftr-312	727	22	structure	structure	NOUN
ftr-312	727	23	,	,	PUNCT
ftr-312	727	24	tax	tax	NOUN
ftr-312	727	25	factors	factor	NOUN
ftr-312	727	26	in	in	ADP
ftr-312	727	27	general	general	ADJ
ftr-312	727	28	will	will	AUX
ftr-312	727	29	present	present	VERB
ftr-312	727	30	more	more	ADJ
ftr-312	727	31	advantages	advantage	NOUN
ftr-312	727	32	for	for	ADP
ftr-312	727	33	some	some	DET
ftr-312	727	34	firms	firm	NOUN
ftr-312	727	35	as	as	SCONJ
ftr-312	727	36	opposed	oppose	VERB
ftr-312	727	37	to	to	ADP
ftr-312	727	38	others	other	NOUN
ftr-312	727	39	.	.	PUNCT
ftr-312	728	1	the	the	DET
ftr-312	728	2	structure	structure	NOUN
ftr-312	728	3	used	use	VERB
ftr-312	728	4	by	by	ADP
ftr-312	728	5	bermuda	bermuda	NOUN
ftr-312	728	6	-	-	PUNCT
ftr-312	728	7	parented	parent	VERB
ftr-312	728	8	corporations	corporation	NOUN
ftr-312	728	9	that	that	PRON
ftr-312	728	10	primarily	primarily	ADV
ftr-312	728	11	insure	insure	VERB
ftr-312	728	12	us	we	PRON
ftr-312	728	13	risks	risk	NOUN
ftr-312	728	14	provides	provide	VERB
ftr-312	728	15	an	an	DET
ftr-312	728	16	example	example	NOUN
ftr-312	728	17	of	of	ADP
ftr-312	728	18	the	the	DET
ftr-312	728	19	potential	potential	ADJ
ftr-312	728	20	power	power	NOUN
ftr-312	728	21	of	of	ADP
ftr-312	728	22	tax	tax	NOUN
ftr-312	728	23	factors	factor	NOUN
ftr-312	728	24	to	to	PART
ftr-312	728	25	encourage	encourage	VERB
ftr-312	728	26	non	non	NOUN
ftr-312	728	27	-	-	ADJ
ftr-312	728	28	us	we	PRON
ftr-312	728	29	incorporation.163	incorporation.163	NUM
ftr-312	728	30	the	the	DET
ftr-312	728	31	bermuda	bermuda	NOUN
ftr-312	728	32	parent	parent	NOUN
ftr-312	728	33	of	of	ADP
ftr-312	728	34	a	a	DET
ftr-312	728	35	us	us	PROPN
ftr-312	728	36	insurance	insurance	NOUN
ftr-312	728	37	subsidiary	subsidiary	NOUN
ftr-312	728	38	must	must	AUX
ftr-312	728	39	skirt	skirt	VERB
ftr-312	728	40	several	several	ADJ
ftr-312	728	41	sets	set	NOUN
ftr-312	728	42	of	of	ADP
ftr-312	728	43	rules	rule	NOUN
ftr-312	728	44	to	to	PART
ftr-312	728	45	ensure	ensure	VERB
ftr-312	728	46	that	that	SCONJ
ftr-312	728	47	it	it	PRON
ftr-312	728	48	will	will	AUX
ftr-312	728	49	not	not	PART
ftr-312	728	50	be	be	AUX
ftr-312	728	51	subject	subject	ADJ
ftr-312	728	52	to	to	ADP
ftr-312	728	53	us	us	PROPN
ftr-312	728	54	income	income	NOUN
ftr-312	728	55	tax	tax	NOUN
ftr-312	728	56	on	on	ADP
ftr-312	728	57	insurance	insurance	NOUN
ftr-312	728	58	or	or	CCONJ
ftr-312	728	59	re	re	NOUN
ftr-312	728	60	-	-	NOUN
ftr-312	728	61	insurance	insurance	NOUN
ftr-312	728	62	premiums	premium	NOUN
ftr-312	728	63	it	it	PRON
ftr-312	728	64	receives.164	receives.164	VERB
ftr-312	728	65	first	first	ADV
ftr-312	728	66	,	,	PUNCT
ftr-312	728	67	it	it	PRON
ftr-312	728	68	must	must	AUX
ftr-312	728	69	avoid	avoid	VERB
ftr-312	728	70	the	the	DET
ftr-312	728	71	us	us	PROPN
ftr-312	728	72	rules	rule	NOUN
ftr-312	728	73	that	that	PRON
ftr-312	728	74	tax	tax	NOUN
ftr-312	728	75	non	non	ADJ
ftr-312	728	76	-	-	ADJ
ftr-312	728	77	us	us	ADJ
ftr-312	728	78	persons	person	NOUN
ftr-312	728	79	on	on	ADP
ftr-312	728	80	net	net	ADJ
ftr-312	728	81	income	income	NOUN
ftr-312	728	82	“	"	PUNCT
ftr-312	728	83	effectively	effectively	ADV
ftr-312	728	84	connected	connect	VERB
ftr-312	728	85	with	with	ADP
ftr-312	728	86	a	a	DET
ftr-312	728	87	us	us	PROPN
ftr-312	728	88	business	business	NOUN
ftr-312	728	89	.	.	PUNCT
ftr-312	729	1	”165	”165	PUNCT
ftr-312	730	1	second	second	ADV
ftr-312	730	2	,	,	PUNCT
ftr-312	730	3	it	it	PRON
ftr-312	730	4	must	must	AUX
ftr-312	730	5	avoid	avoid	VERB
ftr-312	730	6	the	the	DET
ftr-312	730	7	us	us	PROPN
ftr-312	730	8	rules	rule	NOUN
ftr-312	730	9	that	that	PRON
ftr-312	730	10	tax	tax	NOUN
ftr-312	730	11	non	non	ADJ
ftr-312	730	12	-	-	ADJ
ftr-312	730	13	us	us	ADJ
ftr-312	730	14	persons	person	NOUN
ftr-312	730	15	by	by	ADP
ftr-312	730	16	imposing	impose	VERB
ftr-312	730	17	a	a	DET
ftr-312	730	18	30	30	NUM
ftr-312	730	19	percent	percent	NOUN
ftr-312	730	20	withholding	withholding	NOUN
ftr-312	730	21	tax	tax	NOUN
ftr-312	730	22	on	on	ADP
ftr-312	730	23	gross	gross	ADJ
ftr-312	730	24	“	"	PUNCT
ftr-312	730	25	fixed	fix	VERB
ftr-312	730	26	or	or	CCONJ
ftr-312	730	27	determinable	determinable	ADJ
ftr-312	730	28	,	,	PUNCT
ftr-312	730	29	annual	annual	ADJ
ftr-312	730	30	or	or	CCONJ
ftr-312	730	31	periodic	periodic	ADJ
ftr-312	730	32	,	,	PUNCT
ftr-312	730	33	”	"	PUNCT
ftr-312	730	34	or	or	CCONJ
ftr-312	730	35	fdap	fdap	NOUN
ftr-312	730	36	,	,	PUNCT
ftr-312	730	37	income.166	income.166	PROPN
ftr-312	730	38	bermuda	bermuda	NOUN
ftr-312	730	39	-	-	PUNCT
ftr-312	730	40	parented	parent	VERB
ftr-312	730	41	mncs	mnc	NOUN
ftr-312	730	42	that	that	PRON
ftr-312	730	43	insure	insure	VERB
ftr-312	730	44	us	we	PRON
ftr-312	730	45	risks	risk	NOUN
ftr-312	730	46	achieve	achieve	VERB
ftr-312	730	47	the	the	DET
ftr-312	730	48	first	first	ADJ
ftr-312	730	49	goal	goal	NOUN
ftr-312	730	50	,	,	PUNCT
ftr-312	730	51	related	relate	VERB
ftr-312	730	52	to	to	ADP
ftr-312	730	53	avoiding	avoid	VERB
ftr-312	730	54	effectively	effectively	ADV
ftr-312	730	55	connected	connect	VERB
ftr-312	730	56	income	income	NOUN
ftr-312	730	57	treatment	treatment	NOUN
ftr-312	730	58	,	,	PUNCT
ftr-312	730	59	with	with	ADP
ftr-312	730	60	the	the	DET
ftr-312	730	61	help	help	NOUN
ftr-312	730	62	of	of	ADP
ftr-312	730	63	a	a	DET
ftr-312	730	64	us	us	PROPN
ftr-312	730	65	-	-	PUNCT
ftr-312	730	66	bermuda	bermuda	PROPN
ftr-312	730	67	tax	tax	NOUN
ftr-312	730	68	treaty	treaty	NOUN
ftr-312	730	69	that	that	PRON
ftr-312	730	70	provides	provide	VERB
ftr-312	730	71	a	a	DET
ftr-312	730	72	taxpayer	taxpayer	NOUN
ftr-312	730	73	favorable	favorable	ADJ
ftr-312	730	74	“	"	PUNCT
ftr-312	730	75	permanent	permanent	ADJ
ftr-312	730	76	163	163	NUM
ftr-312	730	77	.	.	PUNCT
ftr-312	731	1	nontax	nontax	ADJ
ftr-312	731	2	regulatory	regulatory	ADJ
ftr-312	731	3	factors	factor	NOUN
ftr-312	731	4	,	,	PUNCT
ftr-312	731	5	such	such	ADJ
ftr-312	731	6	as	as	ADP
ftr-312	731	7	the	the	DET
ftr-312	731	8	opportunity	opportunity	NOUN
ftr-312	731	9	to	to	PART
ftr-312	731	10	take	take	VERB
ftr-312	731	11	advantage	advantage	NOUN
ftr-312	731	12	of	of	ADP
ftr-312	731	13	less	less	ADV
ftr-312	731	14	stringent	stringent	ADJ
ftr-312	731	15	investment	investment	NOUN
ftr-312	731	16	standards	standard	NOUN
ftr-312	731	17	,	,	PUNCT
ftr-312	731	18	may	may	AUX
ftr-312	731	19	also	also	ADV
ftr-312	731	20	encourage	encourage	VERB
ftr-312	731	21	tax	tax	NOUN
ftr-312	731	22	-	-	PUNCT
ftr-312	731	23	haven	haven	NOUN
ftr-312	731	24	incorporation	incorporation	NOUN
ftr-312	731	25	.	.	PUNCT
ftr-312	732	1	see	see	VERB
ftr-312	732	2	thomas	thomas	PROPN
ftr-312	732	3	st.g	st.g	PROPN
ftr-312	732	4	.	.	PUNCT
ftr-312	733	1	bissell	bissell	PROPN
ftr-312	733	2	,	,	PUNCT
ftr-312	733	3	a	a	DET
ftr-312	733	4	comparison	comparison	NOUN
ftr-312	733	5	of	of	ADP
ftr-312	733	6	the	the	DET
ftr-312	733	7	u.s	u.s	PROPN
ftr-312	733	8	.	.	PROPN
ftr-312	733	9	tax	tax	NOUN
ftr-312	733	10	rules	rule	NOUN
ftr-312	733	11	for	for	ADP
ftr-312	733	12	u.s	u.s	PROPN
ftr-312	733	13	.	.	PROPN
ftr-312	733	14	and	and	CCONJ
ftr-312	733	15	offshore	offshore	ADJ
ftr-312	733	16	insurance	insurance	NOUN
ftr-312	733	17	products	product	NOUN
ftr-312	733	18	,	,	PUNCT
ftr-312	733	19	32	32	NUM
ftr-312	733	20	tax	tax	NOUN
ftr-312	733	21	mgmt	mgmt	NOUN
ftr-312	733	22	.	.	PUNCT
ftr-312	734	1	int’l	int’l	PRON
ftr-312	734	2	j.	j.	PROPN
ftr-312	734	3	14	14	NUM
ftr-312	734	4	(	(	PUNCT
ftr-312	734	5	2003	2003	NUM
ftr-312	734	6	)	)	PUNCT
ftr-312	734	7	.	.	PUNCT
ftr-312	735	1	164	164	NUM
ftr-312	735	2	.	.	PUNCT
ftr-312	736	1	it	it	PRON
ftr-312	736	2	must	must	AUX
ftr-312	736	3	also	also	ADV
ftr-312	736	4	avoid	avoid	VERB
ftr-312	736	5	treatment	treatment	NOUN
ftr-312	736	6	as	as	ADP
ftr-312	736	7	a	a	DET
ftr-312	736	8	passive	passive	ADJ
ftr-312	736	9	foreign	foreign	ADJ
ftr-312	736	10	investment	investment	NOUN
ftr-312	736	11	company	company	NOUN
ftr-312	736	12	,	,	PUNCT
ftr-312	736	13	or	or	CCONJ
ftr-312	736	14	“	"	PUNCT
ftr-312	736	15	pfic	pfic	NOUN
ftr-312	736	16	.	.	PUNCT
ftr-312	736	17	”	"	PUNCT
ftr-312	737	1	this	this	PRON
ftr-312	737	2	is	be	AUX
ftr-312	737	3	accomplished	accomplish	VERB
ftr-312	737	4	by	by	ADP
ftr-312	737	5	application	application	NOUN
ftr-312	737	6	of	of	ADP
ftr-312	737	7	the	the	DET
ftr-312	737	8	active	active	ADJ
ftr-312	737	9	insurance	insurance	NOUN
ftr-312	737	10	exception	exception	NOUN
ftr-312	737	11	to	to	ADP
ftr-312	737	12	the	the	DET
ftr-312	737	13	pfic	pfic	NOUN
ftr-312	737	14	rules	rule	NOUN
ftr-312	737	15	.	.	PUNCT
ftr-312	738	1	see	see	VERB
ftr-312	738	2	i.r.c	i.r.c	NOUN
ftr-312	738	3	.	.	PUNCT
ftr-312	739	1	§	§	PROPN
ftr-312	739	2	1297(b)(2)(a	1297(b)(2)(a	NUM
ftr-312	739	3	)	)	PUNCT
ftr-312	739	4	and	and	CCONJ
ftr-312	739	5	(	(	PUNCT
ftr-312	739	6	b	b	NOUN
ftr-312	739	7	)	)	PUNCT
ftr-312	739	8	;	;	PUNCT
ftr-312	739	9	david	david	PROPN
ftr-312	739	10	s.	s.	PROPN
ftr-312	739	11	miller	miller	PROPN
ftr-312	739	12	,	,	PUNCT
ftr-312	739	13	how	how	SCONJ
ftr-312	739	14	u.s	u.s	PROPN
ftr-312	739	15	.	.	PROPN
ftr-312	739	16	tax	tax	NOUN
ftr-312	739	17	law	law	NOUN
ftr-312	739	18	encourages	encourage	VERB
ftr-312	739	19	investment	investment	NOUN
ftr-312	739	20	through	through	ADP
ftr-312	739	21	tax	tax	NOUN
ftr-312	739	22	havens	haven	NOUN
ftr-312	739	23	,	,	PUNCT
ftr-312	739	24	tax	tax	NOUN
ftr-312	739	25	notes	note	NOUN
ftr-312	739	26	167	167	NUM
ftr-312	739	27	,	,	PUNCT
ftr-312	739	28	173–75	173–75	NUM
ftr-312	739	29	(	(	PUNCT
ftr-312	739	30	apr	apr	PROPN
ftr-312	739	31	.	.	PROPN
ftr-312	739	32	11	11	NUM
ftr-312	739	33	,	,	PUNCT
ftr-312	739	34	2011	2011	NUM
ftr-312	739	35	)	)	PUNCT
ftr-312	739	36	(	(	PUNCT
ftr-312	739	37	explaining	explain	VERB
ftr-312	739	38	application	application	NOUN
ftr-312	739	39	of	of	ADP
ftr-312	739	40	pfic	pfic	ADJ
ftr-312	739	41	exception	exception	NOUN
ftr-312	739	42	to	to	ADP
ftr-312	739	43	offshore	offshore	ADJ
ftr-312	739	44	insurance	insurance	NOUN
ftr-312	739	45	companies	company	NOUN
ftr-312	739	46	and	and	CCONJ
ftr-312	739	47	listing	list	VERB
ftr-312	739	48	twenty	twenty	NUM
ftr-312	739	49	-	-	PUNCT
ftr-312	739	50	one	one	NUM
ftr-312	739	51	publicly	publicly	ADV
ftr-312	739	52	traded	trade	VERB
ftr-312	739	53	offshore	offshore	ADJ
ftr-312	739	54	reinsurance	reinsurance	NOUN
ftr-312	739	55	companies	company	NOUN
ftr-312	739	56	)	)	PUNCT
ftr-312	739	57	.	.	PUNCT
ftr-312	740	1	165	165	NUM
ftr-312	740	2	.	.	PUNCT
ftr-312	740	3	see	see	VERB
ftr-312	740	4	i.r.c	i.r.c	NOUN
ftr-312	740	5	.	.	PUNCT
ftr-312	741	1	§	§	PROPN
ftr-312	741	2	882	882	NUM
ftr-312	741	3	.	.	PUNCT
ftr-312	741	4	166	166	NUM
ftr-312	741	5	.	.	PUNCT
ftr-312	742	1	see	see	VERB
ftr-312	742	2	i.r.c	i.r.c	NOUN
ftr-312	742	3	.	.	PUNCT
ftr-312	743	1	§	§	PROPN
ftr-312	743	2	§	§	PROPN
ftr-312	743	3	881(a	881(a	PROPN
ftr-312	743	4	)	)	PUNCT
ftr-312	743	5	(	(	PUNCT
ftr-312	743	6	imposing	impose	VERB
ftr-312	743	7	30	30	NUM
ftr-312	743	8	percent	percent	NOUN
ftr-312	743	9	tax	tax	NOUN
ftr-312	743	10	on	on	ADP
ftr-312	743	11	fdap	fdap	PROPN
ftr-312	743	12	)	)	PUNCT
ftr-312	743	13	,	,	PUNCT
ftr-312	743	14	1441	1441	NUM
ftr-312	743	15	(	(	PUNCT
ftr-312	743	16	imposing	impose	VERB
ftr-312	743	17	withholding	withholding	NOUN
ftr-312	743	18	obligation	obligation	NOUN
ftr-312	743	19	)	)	PUNCT
ftr-312	743	20	.	.	PUNCT
ftr-312	744	1	2013	2013	NUM
ftr-312	744	2	]	]	PUNCT
ftr-312	744	3	tax	tax	NOUN
ftr-312	744	4	planning	planning	NOUN
ftr-312	744	5	and	and	CCONJ
ftr-312	744	6	initial	initial	ADJ
ftr-312	744	7	incorporation	incorporation	NOUN
ftr-312	744	8	location	location	NOUN
ftr-312	744	9	355	355	NUM
ftr-312	744	10	establishment	establishment	NOUN
ftr-312	744	11	”	"	PUNCT
ftr-312	744	12	provision.167	provision.167	NOUN
ftr-312	744	13	permanent	permanent	ADJ
ftr-312	744	14	establishment	establishment	NOUN
ftr-312	744	15	rules	rule	NOUN
ftr-312	744	16	in	in	ADP
ftr-312	744	17	treaties	treaty	NOUN
ftr-312	744	18	allow	allow	VERB
ftr-312	744	19	taxpayers	taxpayer	NOUN
ftr-312	744	20	from	from	ADP
ftr-312	744	21	one	one	NUM
ftr-312	744	22	treaty	treaty	NOUN
ftr-312	744	23	jurisdiction	jurisdiction	NOUN
ftr-312	744	24	(	(	PUNCT
ftr-312	744	25	here	here	ADV
ftr-312	744	26	,	,	PUNCT
ftr-312	744	27	bermuda	bermuda	NOUN
ftr-312	744	28	)	)	PUNCT
ftr-312	744	29	to	to	PART
ftr-312	744	30	establish	establish	VERB
ftr-312	744	31	more	more	ADJ
ftr-312	744	32	of	of	ADP
ftr-312	744	33	a	a	DET
ftr-312	744	34	presence	presence	NOUN
ftr-312	744	35	in	in	ADP
ftr-312	744	36	the	the	DET
ftr-312	744	37	other	other	ADJ
ftr-312	744	38	treaty	treaty	NOUN
ftr-312	744	39	jurisdiction	jurisdiction	NOUN
ftr-312	744	40	(	(	PUNCT
ftr-312	744	41	here	here	ADV
ftr-312	744	42	,	,	PUNCT
ftr-312	744	43	the	the	DET
ftr-312	744	44	us	us	PROPN
ftr-312	744	45	)	)	PUNCT
ftr-312	744	46	before	before	SCONJ
ftr-312	744	47	the	the	DET
ftr-312	744	48	other	other	ADJ
ftr-312	744	49	treaty	treaty	NOUN
ftr-312	744	50	jurisdiction	jurisdiction	NOUN
ftr-312	744	51	is	be	AUX
ftr-312	744	52	permitted	permit	VERB
ftr-312	744	53	to	to	PART
ftr-312	744	54	impose	impose	VERB
ftr-312	744	55	income	income	NOUN
ftr-312	744	56	tax.168	tax.168	NOUN
ftr-312	744	57	the	the	DET
ftr-312	744	58	bermuda	bermuda	PROPN
ftr-312	744	59	-	-	PUNCT
ftr-312	744	60	us	us	PROPN
ftr-312	744	61	tax	tax	NOUN
ftr-312	744	62	treaty	treaty	NOUN
ftr-312	744	63	provides	provide	VERB
ftr-312	744	64	among	among	ADP
ftr-312	744	65	other	other	ADJ
ftr-312	744	66	things	thing	NOUN
ftr-312	744	67	that	that	PRON
ftr-312	744	68	the	the	DET
ftr-312	744	69	maintenance	maintenance	NOUN
ftr-312	744	70	of	of	ADP
ftr-312	744	71	a	a	DET
ftr-312	744	72	regular	regular	ADJ
ftr-312	744	73	place	place	NOUN
ftr-312	744	74	of	of	ADP
ftr-312	744	75	business	business	NOUN
ftr-312	744	76	“	"	PUNCT
ftr-312	744	77	solely	solely	ADV
ftr-312	744	78	for	for	ADP
ftr-312	744	79	the	the	DET
ftr-312	744	80	purpose	purpose	NOUN
ftr-312	744	81	of	of	ADP
ftr-312	744	82	.	.	PUNCT
ftr-312	744	83	.	.	PUNCT
ftr-312	744	84	.	.	PUNCT
ftr-312	745	1	collecting	collect	VERB
ftr-312	745	2	information	information	NOUN
ftr-312	745	3	,	,	PUNCT
ftr-312	745	4	for	for	ADP
ftr-312	745	5	the	the	DET
ftr-312	745	6	enterprise	enterprise	NOUN
ftr-312	745	7	of	of	ADP
ftr-312	745	8	insurance	insurance	NOUN
ftr-312	745	9	;	;	PUNCT
ftr-312	745	10	or	or	CCONJ
ftr-312	745	11	.	.	PUNCT
ftr-312	745	12	.	.	PUNCT
ftr-312	745	13	.	.	PUNCT
ftr-312	746	1	advertising	advertising	NOUN
ftr-312	746	2	[	[	X
ftr-312	746	3	or	or	CCONJ
ftr-312	746	4	]	]	PUNCT
ftr-312	746	5	for	for	ADP
ftr-312	746	6	the	the	DET
ftr-312	746	7	supply	supply	NOUN
ftr-312	746	8	of	of	ADP
ftr-312	746	9	information	information	NOUN
ftr-312	746	10	,	,	PUNCT
ftr-312	746	11	.	.	PUNCT
ftr-312	746	12	.	.	PUNCT
ftr-312	747	1	.	.	PUNCT
ftr-312	748	1	for	for	ADP
ftr-312	748	2	the	the	DET
ftr-312	748	3	enterprise	enterprise	NOUN
ftr-312	748	4	”	"	PUNCT
ftr-312	748	5	will	will	AUX
ftr-312	748	6	not	not	PART
ftr-312	748	7	constitute	constitute	VERB
ftr-312	748	8	a	a	DET
ftr-312	748	9	permanent	permanent	ADJ
ftr-312	748	10	establishment	establishment	NOUN
ftr-312	748	11	,	,	PUNCT
ftr-312	748	12	even	even	ADV
ftr-312	748	13	if	if	SCONJ
ftr-312	748	14	carried	carry	VERB
ftr-312	748	15	on	on	ADP
ftr-312	748	16	by	by	ADP
ftr-312	748	17	a	a	DET
ftr-312	748	18	wholly	wholly	ADV
ftr-312	748	19	-	-	PUNCT
ftr-312	748	20	owned	own	VERB
ftr-312	748	21	subsidiary	subsidiary	NOUN
ftr-312	748	22	,	,	PUNCT
ftr-312	748	23	so	so	ADV
ftr-312	748	24	long	long	ADV
ftr-312	748	25	as	as	SCONJ
ftr-312	748	26	the	the	DET
ftr-312	748	27	subsidiary	subsidiary	NOUN
ftr-312	748	28	is	be	AUX
ftr-312	748	29	compensated	compensate	VERB
ftr-312	748	30	on	on	ADP
ftr-312	748	31	an	an	DET
ftr-312	748	32	arm	arm	NOUN
ftr-312	748	33	’s	’s	PART
ftr-312	748	34	length	length	NOUN
ftr-312	748	35	basis.169	basis.169	NOUN
ftr-312	748	36	this	this	PRON
ftr-312	748	37	does	do	AUX
ftr-312	748	38	not	not	PART
ftr-312	748	39	diverge	diverge	VERB
ftr-312	748	40	substantially	substantially	ADV
ftr-312	748	41	from	from	ADP
ftr-312	748	42	the	the	DET
ftr-312	748	43	usual	usual	ADJ
ftr-312	748	44	permanent	permanent	ADJ
ftr-312	748	45	establishment	establishment	NOUN
ftr-312	748	46	definitions	definition	NOUN
ftr-312	748	47	in	in	ADP
ftr-312	748	48	bilateral	bilateral	ADJ
ftr-312	748	49	tax	tax	NOUN
ftr-312	748	50	treaties	treaty	NOUN
ftr-312	748	51	,	,	PUNCT
ftr-312	748	52	but	but	CCONJ
ftr-312	748	53	it	it	PRON
ftr-312	748	54	fails	fail	VERB
ftr-312	748	55	to	to	PART
ftr-312	748	56	acknowledge	acknowledge	VERB
ftr-312	748	57	that	that	SCONJ
ftr-312	748	58	the	the	DET
ftr-312	748	59	elements	element	NOUN
ftr-312	748	60	of	of	ADP
ftr-312	748	61	the	the	DET
ftr-312	748	62	insurance	insurance	NOUN
ftr-312	748	63	business	business	NOUN
ftr-312	748	64	other	other	ADJ
ftr-312	748	65	than	than	ADP
ftr-312	748	66	the	the	DET
ftr-312	748	67	giving	giving	NOUN
ftr-312	748	68	and	and	CCONJ
ftr-312	748	69	receiving	receiving	NOUN
ftr-312	748	70	of	of	ADP
ftr-312	748	71	information	information	NOUN
ftr-312	748	72	can	can	AUX
ftr-312	748	73	be	be	AUX
ftr-312	748	74	carried	carry	VERB
ftr-312	748	75	on	on	ADP
ftr-312	748	76	more	more	ADV
ftr-312	748	77	easily	easily	ADV
ftr-312	748	78	from	from	ADP
ftr-312	748	79	afar	afar	ADV
ftr-312	748	80	compared	compare	VERB
ftr-312	748	81	to	to	ADP
ftr-312	748	82	many	many	ADJ
ftr-312	748	83	other	other	ADJ
ftr-312	748	84	businesses	business	NOUN
ftr-312	748	85	.	.	PUNCT
ftr-312	749	1	in	in	ADP
ftr-312	749	2	addition	addition	NOUN
ftr-312	749	3	,	,	PUNCT
ftr-312	749	4	it	it	PRON
ftr-312	749	5	is	be	AUX
ftr-312	749	6	unusual	unusual	ADJ
ftr-312	749	7	for	for	SCONJ
ftr-312	749	8	the	the	DET
ftr-312	749	9	us	us	PROPN
ftr-312	749	10	and	and	CCONJ
ftr-312	749	11	a	a	DET
ftr-312	749	12	tax	tax	NOUN
ftr-312	749	13	haven	haven	NOUN
ftr-312	749	14	jurisdiction	jurisdiction	NOUN
ftr-312	749	15	like	like	ADP
ftr-312	749	16	bermuda	bermuda	PROPN
ftr-312	749	17	to	to	PART
ftr-312	749	18	conclude	conclude	VERB
ftr-312	749	19	a	a	DET
ftr-312	749	20	tax	tax	NOUN
ftr-312	749	21	treaty	treaty	NOUN
ftr-312	749	22	that	that	PRON
ftr-312	749	23	includes	include	VERB
ftr-312	749	24	a	a	DET
ftr-312	749	25	permanent	permanent	ADJ
ftr-312	749	26	establishment	establishment	NOUN
ftr-312	749	27	or	or	CCONJ
ftr-312	749	28	“	"	PUNCT
ftr-312	749	29	business	business	NOUN
ftr-312	749	30	income	income	NOUN
ftr-312	749	31	”	"	PUNCT
ftr-312	749	32	provision	provision	NOUN
ftr-312	749	33	.	.	PUNCT
ftr-312	750	1	bermuda	bermuda	NOUN
ftr-312	750	2	-	-	PUNCT
ftr-312	750	3	parented	parent	VERB
ftr-312	750	4	mncs	mncs	PROPN
ftr-312	750	5	avoid	avoid	VERB
ftr-312	750	6	fdap	fdap	NOUN
ftr-312	750	7	taxation	taxation	NOUN
ftr-312	750	8	despite	despite	SCONJ
ftr-312	750	9	the	the	DET
ftr-312	750	10	fact	fact	NOUN
ftr-312	750	11	that	that	SCONJ
ftr-312	750	12	the	the	DET
ftr-312	750	13	applicable	applicable	ADJ
ftr-312	750	14	statute	statute	NOUN
ftr-312	750	15	includes	include	VERB
ftr-312	750	16	us	us	PROPN
ftr-312	750	17	-	-	PUNCT
ftr-312	750	18	source	source	NOUN
ftr-312	750	19	“	"	PUNCT
ftr-312	750	20	premiums	premium	NOUN
ftr-312	750	21	”	"	PUNCT
ftr-312	750	22	in	in	ADP
ftr-312	750	23	the	the	DET
ftr-312	750	24	list	list	NOUN
ftr-312	750	25	of	of	ADP
ftr-312	750	26	items	item	NOUN
ftr-312	750	27	to	to	PART
ftr-312	750	28	be	be	AUX
ftr-312	750	29	taxed;170	taxed;170	NOUN
ftr-312	750	30	and	and	CCONJ
ftr-312	750	31	premiums	premium	NOUN
ftr-312	750	32	paid	pay	VERB
ftr-312	750	33	to	to	PART
ftr-312	750	34	insure	insure	VERB
ftr-312	750	35	us	we	PRON
ftr-312	750	36	risks	risk	NOUN
ftr-312	750	37	are	be	AUX
ftr-312	750	38	us	us	PROPN
ftr-312	750	39	source	source	NOUN
ftr-312	750	40	income	income	NOUN
ftr-312	750	41	.	.	PUNCT
ftr-312	751	1	a	a	DET
ftr-312	751	2	revenue	revenue	NOUN
ftr-312	751	3	ruling	rule	VERB
ftr-312	751	4	states	state	VERB
ftr-312	751	5	that	that	SCONJ
ftr-312	751	6	an	an	DET
ftr-312	751	7	excise	excise	NOUN
ftr-312	751	8	tax	tax	NOUN
ftr-312	751	9	applicable	applicable	ADJ
ftr-312	751	10	to	to	ADP
ftr-312	751	11	premiums	premium	NOUN
ftr-312	751	12	paid	pay	VERB
ftr-312	751	13	to	to	ADP
ftr-312	751	14	a	a	DET
ftr-312	751	15	foreign	foreign	ADJ
ftr-312	751	16	insurer	insurer	NOUN
ftr-312	751	17	supersedes	supersede	VERB
ftr-312	751	18	the	the	DET
ftr-312	751	19	fdap	fdap	NOUN
ftr-312	751	20	tax	tax	NOUN
ftr-312	751	21	,	,	PUNCT
ftr-312	751	22	and	and	CCONJ
ftr-312	751	23	that	that	SCONJ
ftr-312	751	24	the	the	DET
ftr-312	751	25	fdap	fdap	ADJ
ftr-312	751	26	tax	tax	NOUN
ftr-312	751	27	substitutes	substitute	NOUN
ftr-312	751	28	for	for	ADP
ftr-312	751	29	the	the	DET
ftr-312	751	30	collection	collection	NOUN
ftr-312	751	31	of	of	ADP
ftr-312	751	32	income	income	NOUN
ftr-312	751	33	tax.171	tax.171	VERB
ftr-312	751	34	the	the	DET
ftr-312	751	35	excise	excise	NOUN
ftr-312	751	36	tax	tax	NOUN
ftr-312	751	37	charges	charge	NOUN
ftr-312	751	38	four	four	NUM
ftr-312	751	39	percent	percent	NOUN
ftr-312	751	40	of	of	ADP
ftr-312	751	41	property	property	NOUN
ftr-312	751	42	and	and	CCONJ
ftr-312	751	43	casualty	casualty	NOUN
ftr-312	751	44	premiums	premium	NOUN
ftr-312	751	45	and	and	CCONJ
ftr-312	751	46	one	one	NUM
ftr-312	751	47	percent	percent	NOUN
ftr-312	751	48	of	of	ADP
ftr-312	751	49	reinsurance	reinsurance	NOUN
ftr-312	751	50	,	,	PUNCT
ftr-312	751	51	life	life	NOUN
ftr-312	751	52	insurance	insurance	NOUN
ftr-312	751	53	and	and	CCONJ
ftr-312	751	54	other	other	ADJ
ftr-312	751	55	policy	policy	NOUN
ftr-312	751	56	type	type	NOUN
ftr-312	751	57	premiums.172	premiums.172	NOUN
ftr-312	751	58	the	the	DET
ftr-312	751	59	prevalence	prevalence	NOUN
ftr-312	751	60	of	of	ADP
ftr-312	751	61	the	the	DET
ftr-312	751	62	bermuda	bermuda	NOUN
ftr-312	751	63	-	-	PUNCT
ftr-312	751	64	parented	parent	VERB
ftr-312	751	65	insurance	insurance	NOUN
ftr-312	751	66	structure	structure	NOUN
ftr-312	751	67	suggests	suggest	VERB
ftr-312	751	68	that	that	SCONJ
ftr-312	751	69	the	the	DET
ftr-312	751	70	premium	premium	ADJ
ftr-312	751	71	excise	excise	NOUN
ftr-312	751	72	tax	tax	NOUN
ftr-312	751	73	produces	produce	VERB
ftr-312	751	74	a	a	DET
ftr-312	751	75	lighter	light	ADJ
ftr-312	751	76	tax	tax	NOUN
ftr-312	751	77	burden	burden	NOUN
ftr-312	751	78	than	than	ADP
ftr-312	751	79	the	the	DET
ftr-312	751	80	imposition	imposition	NOUN
ftr-312	751	81	of	of	ADP
ftr-312	751	82	us	we	PRON
ftr-312	751	83	corporate	corporate	ADJ
ftr-312	751	84	income	income	NOUN
ftr-312	751	85	tax	tax	NOUN
ftr-312	751	86	on	on	ADP
ftr-312	751	87	net	net	ADJ
ftr-312	751	88	income	income	NOUN
ftr-312	751	89	would	would	AUX
ftr-312	751	90	.	.	PUNCT
ftr-312	752	1	a	a	DET
ftr-312	752	2	1990	1990	NUM
ftr-312	752	3	treasury	treasury	NOUN
ftr-312	752	4	study	study	NOUN
ftr-312	752	5	used	use	VERB
ftr-312	752	6	a	a	DET
ftr-312	752	7	model	model	NOUN
ftr-312	752	8	to	to	PART
ftr-312	752	9	confirm	confirm	VERB
ftr-312	752	10	this	this	DET
ftr-312	752	11	result.173	result.173	NOUN
ftr-312	752	12	a	a	DET
ftr-312	752	13	key	key	ADJ
ftr-312	752	14	element	element	NOUN
ftr-312	752	15	of	of	ADP
ftr-312	752	16	the	the	DET
ftr-312	752	17	167	167	NUM
ftr-312	752	18	.	.	PUNCT
ftr-312	753	1	see	see	VERB
ftr-312	753	2	william	william	PROPN
ftr-312	753	3	p.	p.	PROPN
ftr-312	753	4	elliott	elliott	PROPN
ftr-312	753	5	,	,	PUNCT
ftr-312	753	6	a	a	DET
ftr-312	753	7	guide	guide	NOUN
ftr-312	753	8	to	to	ADP
ftr-312	753	9	captive	captive	ADJ
ftr-312	753	10	insurance	insurance	NOUN
ftr-312	753	11	companies	company	NOUN
ftr-312	753	12	,	,	PUNCT
ftr-312	753	13	16	16	NUM
ftr-312	753	14	j.	j.	PROPN
ftr-312	753	15	int’l	int’l	NUM
ftr-312	753	16	tax’n	tax’n	NUM
ftr-312	753	17	22	22	NUM
ftr-312	753	18	(	(	PUNCT
ftr-312	753	19	2005	2005	NUM
ftr-312	753	20	)	)	PUNCT
ftr-312	753	21	.	.	PUNCT
ftr-312	754	1	168	168	NUM
ftr-312	754	2	.	.	PUNCT
ftr-312	755	1	see	see	VERB
ftr-312	755	2	joseph	joseph	PROPN
ftr-312	755	3	isenbergh	isenbergh	PROPN
ftr-312	755	4	,	,	PUNCT
ftr-312	755	5	international	international	ADJ
ftr-312	755	6	taxation	taxation	NOUN
ftr-312	755	7	(	(	PUNCT
ftr-312	755	8	3d	3d	PROPN
ftr-312	755	9	ed	ed	NOUN
ftr-312	755	10	.	.	PROPN
ftr-312	755	11	2010	2010	NUM
ftr-312	755	12	)	)	PUNCT
ftr-312	755	13	.	.	PUNCT
ftr-312	756	1	169	169	NUM
ftr-312	756	2	.	.	PUNCT
ftr-312	757	1	u.s.a	u.s.a	PROPN
ftr-312	757	2	-	-	PUNCT
ftr-312	757	3	bermuda	bermuda	PROPN
ftr-312	757	4	insurance	insurance	NOUN
ftr-312	757	5	income	income	NOUN
ftr-312	757	6	tax	tax	PROPN
ftr-312	757	7	convention	convention	PROPN
ftr-312	757	8	act	act	NOUN
ftr-312	757	9	art	art	NOUN
ftr-312	757	10	.	.	PUNCT
ftr-312	758	1	3	3	NUM
ftr-312	758	2	,	,	PUNCT
ftr-312	758	3	aug	aug	PROPN
ftr-312	758	4	.	.	PROPN
ftr-312	758	5	29	29	NUM
ftr-312	758	6	,	,	PUNCT
ftr-312	758	7	1986	1986	NUM
ftr-312	758	8	.	.	PUNCT
ftr-312	759	1	170	170	NUM
ftr-312	759	2	.	.	PUNCT
ftr-312	759	3	see	see	VERB
ftr-312	759	4	i.r.c	i.r.c	NOUN
ftr-312	759	5	.	.	PUNCT
ftr-312	760	1	§	§	PROPN
ftr-312	760	2	§	§	PROPN
ftr-312	760	3	881(a	881(a	PROPN
ftr-312	760	4	)	)	PUNCT
ftr-312	760	5	(	(	PUNCT
ftr-312	760	6	imposing	impose	VERB
ftr-312	760	7	30	30	NUM
ftr-312	760	8	percent	percent	NOUN
ftr-312	760	9	tax	tax	NOUN
ftr-312	760	10	on	on	ADP
ftr-312	760	11	fdap	fdap	PROPN
ftr-312	760	12	)	)	PUNCT
ftr-312	760	13	,	,	PUNCT
ftr-312	760	14	1441	1441	NUM
ftr-312	760	15	(	(	PUNCT
ftr-312	760	16	imposing	impose	VERB
ftr-312	760	17	withholding	withholding	NOUN
ftr-312	760	18	obligation	obligation	NOUN
ftr-312	760	19	)	)	PUNCT
ftr-312	760	20	.	.	PUNCT
ftr-312	761	1	171	171	NUM
ftr-312	761	2	.	.	PUNCT
ftr-312	762	1	see	see	AUX
ftr-312	762	2	rev	rev	PROPN
ftr-312	762	3	.	.	PROPN
ftr-312	762	4	rul	rul	PROPN
ftr-312	762	5	.	.	PUNCT
ftr-312	763	1	89	89	NUM
ftr-312	763	2	-	-	SYM
ftr-312	763	3	91	91	NUM
ftr-312	763	4	,	,	PUNCT
ftr-312	763	5	1989	1989	NUM
ftr-312	763	6	-	-	SYM
ftr-312	763	7	2	2	NUM
ftr-312	763	8	c.b	c.b	PROPN
ftr-312	763	9	.	.	PROPN
ftr-312	763	10	129	129	NUM
ftr-312	763	11	.	.	PUNCT
ftr-312	764	1	172	172	NUM
ftr-312	764	2	.	.	PUNCT
ftr-312	764	3	see	see	VERB
ftr-312	764	4	i.r.c	i.r.c	NOUN
ftr-312	764	5	.	.	PUNCT
ftr-312	765	1	§	§	PROPN
ftr-312	765	2	4371	4371	NUM
ftr-312	765	3	.	.	PUNCT
ftr-312	766	1	173	173	NUM
ftr-312	766	2	.	.	PUNCT
ftr-312	767	1	see	see	VERB
ftr-312	767	2	u.s	u.s	PROPN
ftr-312	767	3	.	.	PROPN
ftr-312	767	4	treasury	treasury	PROPN
ftr-312	767	5	,	,	PUNCT
ftr-312	767	6	report	report	NOUN
ftr-312	767	7	to	to	ADP
ftr-312	767	8	congress	congress	PROPN
ftr-312	767	9	on	on	ADP
ftr-312	767	10	the	the	DET
ftr-312	767	11	effect	effect	NOUN
ftr-312	767	12	on	on	ADP
ftr-312	767	13	u.s	u.s	PROPN
ftr-312	767	14	.	.	PROPN
ftr-312	767	15	reinsurance	reinsurance	NOUN
ftr-312	767	16	corporations	corporation	NOUN
ftr-312	767	17	of	of	ADP
ftr-312	767	18	the	the	DET
ftr-312	767	19	waiver	waiver	NOUN
ftr-312	767	20	by	by	ADP
ftr-312	767	21	treaty	treaty	NOUN
ftr-312	767	22	of	of	ADP
ftr-312	767	23	the	the	DET
ftr-312	767	24	excise	excise	NOUN
ftr-312	767	25	tax	tax	NOUN
ftr-312	767	26	on	on	ADP
ftr-312	767	27	certain	certain	ADJ
ftr-312	767	28	reinsurance	reinsurance	NOUN
ftr-312	767	29	premiums	premium	NOUN
ftr-312	767	30	(	(	PUNCT
ftr-312	767	31	apr	apr	NOUN
ftr-312	767	32	.	.	PROPN
ftr-312	767	33	2	2	NUM
ftr-312	767	34	,	,	PUNCT
ftr-312	767	35	1990	1990	NUM
ftr-312	767	36	)	)	PUNCT
ftr-312	767	37	tables	table	NOUN
ftr-312	767	38	3	3	NUM
ftr-312	767	39	,	,	PUNCT
ftr-312	767	40	4	4	NUM
ftr-312	767	41	,	,	PUNCT
ftr-312	767	42	5	5	NUM
ftr-312	767	43	(	(	PUNCT
ftr-312	767	44	showing	show	VERB
ftr-312	767	45	top	top	ADJ
ftr-312	767	46	profitability	profitability	NOUN
ftr-312	767	47	in	in	ADP
ftr-312	767	48	no	no	DET
ftr-312	767	49	-	-	PUNCT
ftr-312	767	50	tax	tax	NOUN
ftr-312	767	51	jurisdiction	jurisdiction	NOUN
ftr-312	767	52	under	under	ADP
ftr-312	767	53	almost	almost	ADV
ftr-312	767	54	all	all	PRON
ftr-312	767	55	sets	set	NOUN
ftr-312	767	56	of	of	ADP
ftr-312	767	57	assumptions	assumption	NOUN
ftr-312	767	58	under	under	ADP
ftr-312	767	59	any	any	PRON
ftr-312	767	60	of	of	ADP
ftr-312	767	61	a	a	DET
ftr-312	767	62	0	0	NUM
ftr-312	767	63	percent	percent	NOUN
ftr-312	767	64	,	,	PUNCT
ftr-312	767	65	1	1	NUM
ftr-312	767	66	percent	percent	NOUN
ftr-312	767	67	or	or	CCONJ
ftr-312	767	68	4	4	NUM
ftr-312	767	69	percent	percent	NOUN
ftr-312	767	70	premium	premium	NOUN
ftr-312	767	71	excise	excise	NOUN
ftr-312	767	72	tax	tax	NOUN
ftr-312	767	73	)	)	PUNCT
ftr-312	767	74	.	.	PUNCT
ftr-312	768	1	356	356	NUM
ftr-312	768	2	florida	florida	PROPN
ftr-312	768	3	tax	tax	NOUN
ftr-312	768	4	review	review	NOUN
ftr-312	768	5	[	[	X
ftr-312	768	6	vol	vol	NOUN
ftr-312	768	7	.	.	PUNCT
ftr-312	769	1	14:8	14:8	NUM
ftr-312	769	2	advantaged	advantaged	ADJ
ftr-312	769	3	bermuda	bermuda	NOUN
ftr-312	769	4	-	-	PUNCT
ftr-312	769	5	parented	parent	VERB
ftr-312	769	6	insurance	insurance	NOUN
ftr-312	769	7	structure	structure	NOUN
ftr-312	769	8	is	be	AUX
ftr-312	769	9	that	that	SCONJ
ftr-312	769	10	investment	investment	NOUN
ftr-312	769	11	income	income	NOUN
ftr-312	769	12	resulting	result	VERB
ftr-312	769	13	from	from	ADP
ftr-312	769	14	invested	invest	VERB
ftr-312	769	15	premiums	premium	NOUN
ftr-312	769	16	is	be	AUX
ftr-312	769	17	not	not	PART
ftr-312	769	18	subject	subject	ADJ
ftr-312	769	19	to	to	ADP
ftr-312	769	20	tax.174	tax.174	PROPN
ftr-312	769	21	b.	b.	PROPN
ftr-312	769	22	nontax	nontax	PROPN
ftr-312	769	23	legal	legal	ADJ
ftr-312	769	24	factors	factor	NOUN
ftr-312	769	25	nontax	nontax	ADJ
ftr-312	769	26	legal	legal	ADJ
ftr-312	769	27	factors	factor	NOUN
ftr-312	769	28	also	also	ADV
ftr-312	769	29	help	help	VERB
ftr-312	769	30	explain	explain	VERB
ftr-312	769	31	why	why	SCONJ
ftr-312	769	32	some	some	DET
ftr-312	769	33	non	non	ADJ
ftr-312	769	34	-	-	ADJ
ftr-312	769	35	us	we	PRON
ftr-312	769	36	incorporation	incorporation	NOUN
ftr-312	769	37	locations	location	NOUN
ftr-312	769	38	may	may	AUX
ftr-312	769	39	be	be	AUX
ftr-312	769	40	more	more	ADV
ftr-312	769	41	favored	favor	VERB
ftr-312	769	42	than	than	ADP
ftr-312	769	43	others	other	NOUN
ftr-312	769	44	.	.	PUNCT
ftr-312	770	1	marine	marine	ADJ
ftr-312	770	2	transportation	transportation	NOUN
ftr-312	770	3	firms	firm	NOUN
ftr-312	770	4	that	that	PRON
ftr-312	770	5	are	be	AUX
ftr-312	770	6	headquartered	headquarter	VERB
ftr-312	770	7	in	in	ADP
ftr-312	770	8	the	the	DET
ftr-312	770	9	united	united	PROPN
ftr-312	770	10	states	states	PROPN
ftr-312	770	11	and	and	CCONJ
ftr-312	770	12	incorporated	incorporate	VERB
ftr-312	770	13	outside	outside	ADP
ftr-312	770	14	the	the	DET
ftr-312	770	15	united	united	PROPN
ftr-312	770	16	states	states	PROPN
ftr-312	770	17	provide	provide	VERB
ftr-312	770	18	an	an	DET
ftr-312	770	19	example	example	NOUN
ftr-312	770	20	of	of	ADP
ftr-312	770	21	an	an	DET
ftr-312	770	22	industry	industry	NOUN
ftr-312	770	23	whose	whose	DET
ftr-312	770	24	non	non	ADJ
ftr-312	770	25	-	-	ADJ
ftr-312	770	26	us	us	PROPN
ftr-312	770	27	organization	organization	NOUN
ftr-312	770	28	decisions	decision	NOUN
ftr-312	770	29	appear	appear	VERB
ftr-312	770	30	to	to	PART
ftr-312	770	31	be	be	AUX
ftr-312	770	32	driven	drive	VERB
ftr-312	770	33	by	by	ADP
ftr-312	770	34	various	various	ADJ
ftr-312	770	35	tax	tax	NOUN
ftr-312	770	36	and	and	CCONJ
ftr-312	770	37	nontax	nontax	ADJ
ftr-312	770	38	legal	legal	ADJ
ftr-312	770	39	factors	factor	NOUN
ftr-312	770	40	.	.	PUNCT
ftr-312	771	1	online	online	ADJ
ftr-312	771	2	gaming	gaming	NOUN
ftr-312	771	3	provides	provide	VERB
ftr-312	771	4	another	another	DET
ftr-312	771	5	example	example	NOUN
ftr-312	771	6	of	of	ADP
ftr-312	771	7	an	an	DET
ftr-312	771	8	industry	industry	NOUN
ftr-312	771	9	influenced	influence	VERB
ftr-312	771	10	by	by	ADP
ftr-312	771	11	nontax	nontax	ADJ
ftr-312	771	12	legal	legal	ADJ
ftr-312	771	13	factors	factor	NOUN
ftr-312	771	14	.	.	PUNCT
ftr-312	772	1	us	we	PRON
ftr-312	772	2	law	law	NOUN
ftr-312	772	3	exempts	exempt	VERB
ftr-312	772	4	income	income	NOUN
ftr-312	772	5	derived	derive	VERB
ftr-312	772	6	from	from	ADP
ftr-312	772	7	the	the	DET
ftr-312	772	8	international	international	ADJ
ftr-312	772	9	operation	operation	NOUN
ftr-312	772	10	of	of	ADP
ftr-312	772	11	a	a	DET
ftr-312	772	12	ship	ship	NOUN
ftr-312	772	13	if	if	SCONJ
ftr-312	772	14	it	it	PRON
ftr-312	772	15	is	be	AUX
ftr-312	772	16	earned	earn	VERB
ftr-312	772	17	by	by	ADP
ftr-312	772	18	a	a	DET
ftr-312	772	19	foreign	foreign	ADJ
ftr-312	772	20	corporation	corporation	NOUN
ftr-312	772	21	resident	resident	NOUN
ftr-312	772	22	in	in	ADP
ftr-312	772	23	a	a	DET
ftr-312	772	24	country	country	NOUN
ftr-312	772	25	that	that	PRON
ftr-312	772	26	declines	decline	VERB
ftr-312	772	27	to	to	PART
ftr-312	772	28	tax	tax	VERB
ftr-312	772	29	similar	similar	ADJ
ftr-312	772	30	income	income	NOUN
ftr-312	772	31	earned	earn	VERB
ftr-312	772	32	by	by	ADP
ftr-312	772	33	us	we	PRON
ftr-312	772	34	corporations.175	corporations.175	NOUN
ftr-312	772	35	in	in	ADP
ftr-312	772	36	addition	addition	NOUN
ftr-312	772	37	,	,	PUNCT
ftr-312	772	38	although	although	SCONJ
ftr-312	772	39	some	some	DET
ftr-312	772	40	commerce	commerce	NOUN
ftr-312	772	41	,	,	PUNCT
ftr-312	772	42	such	such	ADJ
ftr-312	772	43	as	as	ADP
ftr-312	772	44	“	"	PUNCT
ftr-312	772	45	coastwise	coastwise	NOUN
ftr-312	772	46	”	"	PUNCT
ftr-312	772	47	shipping	shipping	NOUN
ftr-312	772	48	between	between	ADP
ftr-312	772	49	two	two	NUM
ftr-312	772	50	us	us	PROPN
ftr-312	772	51	ports	port	NOUN
ftr-312	772	52	,	,	PUNCT
ftr-312	772	53	is	be	AUX
ftr-312	772	54	limited	limit	VERB
ftr-312	772	55	to	to	ADP
ftr-312	772	56	us	we	PRON
ftr-312	772	57	-	-	PUNCT
ftr-312	772	58	flagged	flag	VERB
ftr-312	772	59	vessels,176	vessels,176	NOUN
ftr-312	772	60	the	the	DET
ftr-312	772	61	use	use	NOUN
ftr-312	772	62	of	of	ADP
ftr-312	772	63	non	non	NOUN
ftr-312	772	64	-	-	NOUN
ftr-312	772	65	us	we	PRON
ftr-312	772	66	flagships	flagship	VERB
ftr-312	772	67	in	in	ADP
ftr-312	772	68	international	international	ADJ
ftr-312	772	69	commerce	commerce	NOUN
ftr-312	772	70	including	include	VERB
ftr-312	772	71	calls	call	NOUN
ftr-312	772	72	at	at	ADP
ftr-312	772	73	us	us	PROPN
ftr-312	772	74	ports	port	NOUN
ftr-312	772	75	is	be	AUX
ftr-312	772	76	permitted	permit	VERB
ftr-312	772	77	and	and	CCONJ
ftr-312	772	78	provides	provide	VERB
ftr-312	772	79	several	several	ADJ
ftr-312	772	80	nontax	nontax	ADJ
ftr-312	772	81	regulatory	regulatory	ADJ
ftr-312	772	82	advantages	advantage	NOUN
ftr-312	772	83	.	.	PUNCT
ftr-312	773	1	these	these	PRON
ftr-312	773	2	include	include	VERB
ftr-312	773	3	the	the	DET
ftr-312	773	4	ability	ability	NOUN
ftr-312	773	5	to	to	PART
ftr-312	773	6	use	use	VERB
ftr-312	773	7	a	a	DET
ftr-312	773	8	nonus	nonus	ADJ
ftr-312	773	9	shipyard	shipyard	NOUN
ftr-312	773	10	for	for	ADP
ftr-312	773	11	vessel	vessel	NOUN
ftr-312	773	12	construction	construction	NOUN
ftr-312	773	13	as	as	ADV
ftr-312	773	14	well	well	ADV
ftr-312	773	15	as	as	ADP
ftr-312	773	16	the	the	DET
ftr-312	773	17	possible	possible	ADJ
ftr-312	773	18	avoidance	avoidance	NOUN
ftr-312	773	19	of	of	ADP
ftr-312	773	20	applicable	applicable	ADJ
ftr-312	773	21	labor	labor	NOUN
ftr-312	773	22	regulations	regulation	NOUN
ftr-312	773	23	,	,	PUNCT
ftr-312	773	24	union	union	PROPN
ftr-312	773	25	contracts,177	contracts,177	PROPN
ftr-312	773	26	and	and	CCONJ
ftr-312	773	27	a	a	DET
ftr-312	773	28	choice	choice	NOUN
ftr-312	773	29	of	of	ADP
ftr-312	773	30	law	law	NOUN
ftr-312	773	31	doctrine	doctrine	NOUN
ftr-312	773	32	that	that	PRON
ftr-312	773	33	may	may	AUX
ftr-312	773	34	require	require	VERB
ftr-312	773	35	a	a	DET
ftr-312	773	36	us	us	PROPN
ftr-312	773	37	forum	forum	NOUN
ftr-312	773	38	in	in	ADP
ftr-312	773	39	the	the	DET
ftr-312	773	40	event	event	NOUN
ftr-312	773	41	of	of	ADP
ftr-312	773	42	worker	worker	NOUN
ftr-312	773	43	injury.178	injury.178	NOUN
ftr-312	773	44	online	online	ADJ
ftr-312	773	45	gambling	gambling	NOUN
ftr-312	773	46	firms	firm	NOUN
ftr-312	773	47	may	may	AUX
ftr-312	773	48	have	have	AUX
ftr-312	773	49	had	have	AUX
ftr-312	773	50	even	even	ADV
ftr-312	773	51	stronger	strong	ADJ
ftr-312	773	52	reasons	reason	NOUN
ftr-312	773	53	to	to	PART
ftr-312	773	54	incorporate	incorporate	VERB
ftr-312	773	55	offshore	offshore	ADV
ftr-312	773	56	.	.	PUNCT
ftr-312	774	1	there	there	PRON
ftr-312	774	2	is	be	VERB
ftr-312	774	3	not	not	PART
ftr-312	774	4	yet	yet	ADV
ftr-312	774	5	a	a	DET
ftr-312	774	6	regulatory	regulatory	ADJ
ftr-312	774	7	framework	framework	NOUN
ftr-312	774	8	for	for	ADP
ftr-312	774	9	online	online	ADJ
ftr-312	774	10	gambling	gambling	NOUN
ftr-312	774	11	in	in	ADP
ftr-312	774	12	the	the	DET
ftr-312	774	13	united	united	PROPN
ftr-312	774	14	states	states	PROPN
ftr-312	774	15	and	and	CCONJ
ftr-312	774	16	for	for	ADP
ftr-312	774	17	some	some	DET
ftr-312	774	18	time	time	NOUN
ftr-312	774	19	its	its	PRON
ftr-312	774	20	legality	legality	NOUN
ftr-312	774	21	was	be	AUX
ftr-312	774	22	in	in	ADP
ftr-312	774	23	question	question	NOUN
ftr-312	774	24	in	in	ADP
ftr-312	774	25	the	the	DET
ftr-312	774	26	united	united	PROPN
ftr-312	774	27	states	states	PROPN
ftr-312	774	28	,	,	PUNCT
ftr-312	774	29	for	for	ADP
ftr-312	774	30	example	example	NOUN
ftr-312	774	31	because	because	SCONJ
ftr-312	774	32	of	of	ADP
ftr-312	774	33	potential	potential	ADJ
ftr-312	774	34	liability	liability	NOUN
ftr-312	774	35	under	under	ADP
ftr-312	774	36	the	the	DET
ftr-312	774	37	wire	wire	NOUN
ftr-312	774	38	174	174	NUM
ftr-312	774	39	.	.	PUNCT
ftr-312	775	1	see	see	VERB
ftr-312	775	2	nysba	nysba	PROPN
ftr-312	775	3	,	,	PUNCT
ftr-312	775	4	outbound	outbound	ADJ
ftr-312	775	5	inversion	inversion	NOUN
ftr-312	775	6	transactions	transaction	NOUN
ftr-312	775	7	report	report	NOUN
ftr-312	775	8	,	,	PUNCT
ftr-312	775	9	supra	supra	PROPN
ftr-312	775	10	note	note	PROPN
ftr-312	775	11	25	25	NUM
ftr-312	775	12	,	,	PUNCT
ftr-312	775	13	at	at	ADP
ftr-312	775	14	28	28	NUM
ftr-312	775	15	.	.	PUNCT
ftr-312	776	1	175	175	NUM
ftr-312	776	2	.	.	PUNCT
ftr-312	776	3	see	see	VERB
ftr-312	776	4	i.r.c	i.r.c	NOUN
ftr-312	776	5	.	.	PUNCT
ftr-312	777	1	§	§	PROPN
ftr-312	777	2	883(a)(1	883(a)(1	NUM
ftr-312	777	3	)	)	PUNCT
ftr-312	777	4	;	;	PUNCT
ftr-312	777	5	peter	peter	PROPN
ftr-312	777	6	a.	a.	PROPN
ftr-312	777	7	glicklich	glicklich	PROPN
ftr-312	777	8	&	&	CCONJ
ftr-312	777	9	michael	michael	PROPN
ftr-312	777	10	j.	j.	PROPN
ftr-312	777	11	miller	miller	PROPN
ftr-312	777	12	,	,	PUNCT
ftr-312	777	13	u.s	u.s	PROPN
ftr-312	777	14	.	.	PROPN
ftr-312	777	15	taxation	taxation	NOUN
ftr-312	777	16	of	of	ADP
ftr-312	777	17	international	international	ADJ
ftr-312	777	18	shipping	shipping	NOUN
ftr-312	777	19	and	and	CCONJ
ftr-312	777	20	air	air	NOUN
ftr-312	777	21	transport	transport	NOUN
ftr-312	777	22	activities	activity	NOUN
ftr-312	777	23	,	,	PUNCT
ftr-312	777	24	954	954	NUM
ftr-312	777	25	tax	tax	NOUN
ftr-312	777	26	mgmt	mgmt	NOUN
ftr-312	777	27	.	.	PUNCT
ftr-312	778	1	(	(	PUNCT
ftr-312	778	2	bloomberg	bloomberg	PROPN
ftr-312	778	3	/	/	SYM
ftr-312	778	4	bna	bna	PROPN
ftr-312	778	5	)	)	PUNCT
ftr-312	778	6	portfolio	portfolio	NOUN
ftr-312	778	7	945	945	NUM
ftr-312	778	8	(	(	PUNCT
ftr-312	778	9	2012	2012	NUM
ftr-312	778	10	)	)	PUNCT
ftr-312	778	11	.	.	PUNCT
ftr-312	779	1	176	176	NUM
ftr-312	779	2	.	.	PUNCT
ftr-312	780	1	see	see	VERB
ftr-312	780	2	timothy	timothy	PROPN
ftr-312	780	3	semenoro	semenoro	PROPN
ftr-312	780	4	,	,	PUNCT
ftr-312	780	5	the	the	DET
ftr-312	780	6	state	state	NOUN
ftr-312	780	7	of	of	ADP
ftr-312	780	8	our	our	PRON
ftr-312	780	9	seafaring	seafaring	NOUN
ftr-312	780	10	nation	nation	NOUN
ftr-312	780	11	:	:	PUNCT
ftr-312	780	12	what	what	PRON
ftr-312	780	13	course	course	NOUN
ftr-312	780	14	has	have	VERB
ftr-312	780	15	congress	congress	PROPN
ftr-312	780	16	laid	lay	VERB
ftr-312	780	17	for	for	ADP
ftr-312	780	18	the	the	DET
ftr-312	780	19	u.s	u.s	PROPN
ftr-312	780	20	.	.	PROPN
ftr-312	780	21	maritime	maritime	ADJ
ftr-312	780	22	industry	industry	NOUN
ftr-312	780	23	?	?	PUNCT
ftr-312	780	24	,	,	PUNCT
ftr-312	781	1	25	25	NUM
ftr-312	781	2	tul	tul	NOUN
ftr-312	781	3	.	.	PUNCT
ftr-312	781	4	mar	mar	PROPN
ftr-312	781	5	.	.	PUNCT
ftr-312	781	6	l.j	l.j	PROPN
ftr-312	781	7	.	.	PROPN
ftr-312	781	8	355	355	NUM
ftr-312	781	9	,	,	PUNCT
ftr-312	781	10	358	358	NUM
ftr-312	781	11	(	(	PUNCT
ftr-312	781	12	2000	2000	NUM
ftr-312	781	13	)	)	PUNCT
ftr-312	781	14	.	.	PUNCT
ftr-312	782	1	177	177	NUM
ftr-312	782	2	.	.	PUNCT
ftr-312	783	1	i	i	PRON
ftr-312	783	2	d.	d.	PROPN
ftr-312	783	3	at	at	ADP
ftr-312	783	4	368–69	368–69	NUM
ftr-312	783	5	.	.	PUNCT
ftr-312	783	6	178	178	NUM
ftr-312	783	7	.	.	PUNCT
ftr-312	784	1	see	see	VERB
ftr-312	784	2	grant	grant	PROPN
ftr-312	784	3	gilmore	gilmore	PROPN
ftr-312	784	4	&	&	CCONJ
ftr-312	784	5	charles	charles	PROPN
ftr-312	784	6	lund	lund	PROPN
ftr-312	784	7	black	black	PROPN
ftr-312	784	8	,	,	PUNCT
ftr-312	784	9	jr	jr	PROPN
ftr-312	784	10	.	.	PROPN
ftr-312	784	11	,	,	PUNCT
ftr-312	784	12	the	the	DET
ftr-312	784	13	law	law	NOUN
ftr-312	784	14	of	of	ADP
ftr-312	784	15	admiralty	admiralty	NOUN
ftr-312	784	16	(	(	PUNCT
ftr-312	784	17	2d	2d	NUM
ftr-312	784	18	ed	ed	NOUN
ftr-312	784	19	.	.	PROPN
ftr-312	784	20	1975	1975	NUM
ftr-312	784	21	)	)	PUNCT
ftr-312	784	22	.	.	PUNCT
ftr-312	785	1	leading	lead	VERB
ftr-312	785	2	flag	flag	NOUN
ftr-312	785	3	jurisdictions	jurisdiction	NOUN
ftr-312	785	4	such	such	ADJ
ftr-312	785	5	as	as	ADP
ftr-312	785	6	liberia	liberia	PROPN
ftr-312	785	7	and	and	CCONJ
ftr-312	785	8	panama	panama	PROPN
ftr-312	785	9	undertake	undertake	NOUN
ftr-312	785	10	to	to	ADP
ftr-312	785	11	both	both	PRON
ftr-312	785	12	provide	provide	VERB
ftr-312	785	13	satisfactory	satisfactory	ADJ
ftr-312	785	14	vessel	vessel	NOUN
ftr-312	785	15	safety	safety	NOUN
ftr-312	785	16	and	and	CCONJ
ftr-312	785	17	inspection	inspection	NOUN
ftr-312	785	18	requirements	requirement	NOUN
ftr-312	785	19	and	and	CCONJ
ftr-312	785	20	also	also	ADV
ftr-312	785	21	facilitate	facilitate	VERB
ftr-312	785	22	more	more	ADJ
ftr-312	785	23	cost	cost	NOUN
ftr-312	785	24	-	-	PUNCT
ftr-312	785	25	effective	effective	ADJ
ftr-312	785	26	construction	construction	NOUN
ftr-312	785	27	and	and	CCONJ
ftr-312	785	28	operation	operation	NOUN
ftr-312	785	29	.	.	PUNCT
ftr-312	786	1	see	see	VERB
ftr-312	786	2	,	,	PUNCT
ftr-312	786	3	e.g.	e.g.	ADV
ftr-312	786	4	,	,	PUNCT
ftr-312	786	5	brad	brad	PROPN
ftr-312	786	6	berman	berman	PROPN
ftr-312	786	7	,	,	PUNCT
ftr-312	786	8	does	do	AUX
ftr-312	786	9	the	the	DET
ftr-312	786	10	unctad	unctad	PROPN
ftr-312	786	11	convention	convention	NOUN
ftr-312	786	12	on	on	ADP
ftr-312	786	13	the	the	DET
ftr-312	786	14	registration	registration	NOUN
ftr-312	786	15	of	of	ADP
ftr-312	786	16	ships	ship	NOUN
ftr-312	786	17	need	need	VERB
ftr-312	786	18	amending	amend	VERB
ftr-312	786	19	?	?	PUNCT
ftr-312	786	20	,	,	PUNCT
ftr-312	786	21	http://www.itfglobal.org/seafarers/icons-site/images/120_berman.pdf	http://www.itfglobal.org/seafarers/icons-site/images/120_berman.pdf	NOUN
ftr-312	786	22	(	(	PUNCT
ftr-312	786	23	emphasizing	emphasize	VERB
ftr-312	786	24	liberian	liberian	ADJ
ftr-312	786	25	commitment	commitment	NOUN
ftr-312	786	26	to	to	ADP
ftr-312	786	27	safety	safety	NOUN
ftr-312	786	28	standards	standard	NOUN
ftr-312	786	29	)	)	PUNCT
ftr-312	786	30	.	.	PUNCT
ftr-312	787	1	2013	2013	NUM
ftr-312	787	2	]	]	PUNCT
ftr-312	787	3	tax	tax	NOUN
ftr-312	787	4	planning	planning	NOUN
ftr-312	787	5	and	and	CCONJ
ftr-312	787	6	initial	initial	ADJ
ftr-312	787	7	incorporation	incorporation	NOUN
ftr-312	787	8	location	location	NOUN
ftr-312	787	9	357	357	NUM
ftr-312	787	10	act	act	NOUN
ftr-312	787	11	and	and	CCONJ
ftr-312	787	12	the	the	DET
ftr-312	787	13	unlawful	unlawful	ADJ
ftr-312	787	14	internet	internet	NOUN
ftr-312	787	15	gaming	gaming	NOUN
ftr-312	787	16	enforcement	enforcement	NOUN
ftr-312	787	17	act	act	NOUN
ftr-312	787	18	of	of	ADP
ftr-312	787	19	2006.179	2006.179	NUM
ftr-312	787	20	one	one	NUM
ftr-312	787	21	leading	lead	VERB
ftr-312	787	22	company	company	NOUN
ftr-312	787	23	incorporated	incorporate	VERB
ftr-312	787	24	in	in	ADP
ftr-312	787	25	gibraltar	gibraltar	NOUN
ftr-312	787	26	conducted	conduct	VERB
ftr-312	787	27	an	an	DET
ftr-312	787	28	ipo	ipo	NOUN
ftr-312	787	29	on	on	ADP
ftr-312	787	30	the	the	DET
ftr-312	787	31	london	london	PROPN
ftr-312	787	32	stock	stock	NOUN
ftr-312	787	33	exchange	exchange	NOUN
ftr-312	787	34	in	in	ADP
ftr-312	787	35	2005	2005	NUM
ftr-312	787	36	using	use	VERB
ftr-312	787	37	a	a	DET
ftr-312	787	38	proxy	proxy	ADJ
ftr-312	787	39	statement	statement	NOUN
ftr-312	787	40	that	that	PRON
ftr-312	787	41	reportedly	reportedly	ADV
ftr-312	787	42	disclosed	disclose	VERB
ftr-312	787	43	that	that	SCONJ
ftr-312	787	44	90	90	NUM
ftr-312	787	45	percent	percent	NOUN
ftr-312	787	46	of	of	ADP
ftr-312	787	47	its	its	PRON
ftr-312	787	48	customers	customer	NOUN
ftr-312	787	49	were	be	AUX
ftr-312	787	50	us.180	us.180	NOUN
ftr-312	787	51	in	in	ADP
ftr-312	787	52	2011	2011	NUM
ftr-312	787	53	,	,	PUNCT
ftr-312	787	54	the	the	DET
ftr-312	787	55	justice	justice	PROPN
ftr-312	787	56	department	department	PROPN
ftr-312	787	57	provided	provide	VERB
ftr-312	787	58	guidance	guidance	NOUN
ftr-312	787	59	that	that	PRON
ftr-312	787	60	permits	permit	VERB
ftr-312	787	61	states	state	NOUN
ftr-312	787	62	to	to	PART
ftr-312	787	63	legalize	legalize	VERB
ftr-312	787	64	online	online	ADJ
ftr-312	787	65	gaming.181	gaming.181	NOUN
ftr-312	787	66	this	this	PRON
ftr-312	787	67	raises	raise	VERB
ftr-312	787	68	the	the	DET
ftr-312	787	69	question	question	NOUN
ftr-312	787	70	of	of	ADP
ftr-312	787	71	whether	whether	SCONJ
ftr-312	787	72	online	online	ADJ
ftr-312	787	73	gaming	gaming	NOUN
ftr-312	787	74	companies	company	NOUN
ftr-312	787	75	will	will	AUX
ftr-312	787	76	continue	continue	VERB
ftr-312	787	77	to	to	PART
ftr-312	787	78	organize	organize	VERB
ftr-312	787	79	outside	outside	ADP
ftr-312	787	80	the	the	DET
ftr-312	787	81	united	united	PROPN
ftr-312	787	82	states.182	states.182	PROPN
ftr-312	787	83	c.	c.	PROPN
ftr-312	787	84	liquidity	liquidity	PROPN
ftr-312	787	85	and	and	CCONJ
ftr-312	787	86	other	other	ADJ
ftr-312	787	87	resource	resource	NOUN
ftr-312	787	88	constraints	constraint	VERB
ftr-312	787	89	the	the	DET
ftr-312	787	90	description	description	NOUN
ftr-312	787	91	in	in	ADP
ftr-312	787	92	part	part	NOUN
ftr-312	787	93	iv	iv	NUM
ftr-312	787	94	of	of	ADP
ftr-312	787	95	startups	startup	NOUN
ftr-312	787	96	’	'	PUNCT
ftr-312	787	97	reasons	reason	NOUN
ftr-312	787	98	for	for	ADP
ftr-312	787	99	incorporating	incorporate	VERB
ftr-312	787	100	in	in	ADP
ftr-312	787	101	delaware	delaware	PROPN
ftr-312	787	102	under	under	ADP
ftr-312	787	103	the	the	DET
ftr-312	787	104	default	default	NOUN
ftr-312	787	105	approach	approach	NOUN
ftr-312	787	106	emphasized	emphasize	VERB
ftr-312	787	107	liquidity	liquidity	NOUN
ftr-312	787	108	and	and	CCONJ
ftr-312	787	109	other	other	ADJ
ftr-312	787	110	resource	resource	NOUN
ftr-312	787	111	constraints	constraint	NOUN
ftr-312	787	112	.	.	PUNCT
ftr-312	788	1	this	this	PRON
ftr-312	788	2	suggests	suggest	VERB
ftr-312	788	3	that	that	SCONJ
ftr-312	788	4	if	if	SCONJ
ftr-312	788	5	a	a	DET
ftr-312	788	6	startup	startup	NOUN
ftr-312	788	7	had	have	VERB
ftr-312	788	8	plentiful	plentiful	ADJ
ftr-312	788	9	cash	cash	NOUN
ftr-312	788	10	and	and	CCONJ
ftr-312	788	11	other	other	ADJ
ftr-312	788	12	resources	resource	NOUN
ftr-312	788	13	and	and	CCONJ
ftr-312	788	14	did	do	AUX
ftr-312	788	15	not	not	PART
ftr-312	788	16	need	need	VERB
ftr-312	788	17	to	to	PART
ftr-312	788	18	depend	depend	VERB
ftr-312	788	19	upon	upon	SCONJ
ftr-312	788	20	venture	venture	NOUN
ftr-312	788	21	capital	capital	NOUN
ftr-312	788	22	financing	financing	NOUN
ftr-312	788	23	,	,	PUNCT
ftr-312	788	24	it	it	PRON
ftr-312	788	25	would	would	AUX
ftr-312	788	26	be	be	AUX
ftr-312	788	27	more	more	ADV
ftr-312	788	28	likely	likely	ADJ
ftr-312	788	29	to	to	PART
ftr-312	788	30	depart	depart	VERB
ftr-312	788	31	from	from	ADP
ftr-312	788	32	the	the	DET
ftr-312	788	33	default	default	NOUN
ftr-312	788	34	delaware	delaware	PROPN
ftr-312	788	35	corporation	corporation	PROPN
ftr-312	788	36	structure	structure	NOUN
ftr-312	788	37	.	.	PUNCT
ftr-312	789	1	the	the	DET
ftr-312	789	2	presence	presence	NOUN
ftr-312	789	3	of	of	ADP
ftr-312	789	4	corporateand	corporateand	PROPN
ftr-312	789	5	individual	individual	NOUN
ftr-312	789	6	-	-	PUNCT
ftr-312	789	7	funded	fund	VERB
ftr-312	789	8	startups	startup	NOUN
ftr-312	789	9	in	in	ADP
ftr-312	789	10	the	the	DET
ftr-312	789	11	ipo	ipo	PROPN
ftr-312	789	12	data	datum	NOUN
ftr-312	789	13	set	set	VERB
ftr-312	789	14	,	,	PUNCT
ftr-312	789	15	as	as	SCONJ
ftr-312	789	16	discussed	discuss	VERB
ftr-312	789	17	above	above	ADV
ftr-312	789	18	,	,	PUNCT
ftr-312	789	19	is	be	AUX
ftr-312	789	20	consistent	consistent	ADJ
ftr-312	789	21	with	with	ADP
ftr-312	789	22	this	this	DET
ftr-312	789	23	suggestion.183	suggestion.183	NUM
ftr-312	789	24	similarly	similarly	ADV
ftr-312	789	25	,	,	PUNCT
ftr-312	789	26	one	one	NUM
ftr-312	789	27	startup	startup	NOUN
ftr-312	789	28	lawyer	lawyer	NOUN
ftr-312	789	29	said	say	VERB
ftr-312	789	30	that	that	SCONJ
ftr-312	789	31	non	non	ADJ
ftr-312	789	32	-	-	ADJ
ftr-312	789	33	us	we	PRON
ftr-312	789	34	incorporation	incorporation	NOUN
ftr-312	789	35	might	might	AUX
ftr-312	789	36	follow	follow	VERB
ftr-312	789	37	if	if	SCONJ
ftr-312	789	38	a	a	DET
ftr-312	789	39	founder	founder	NOUN
ftr-312	789	40	was	be	AUX
ftr-312	789	41	a	a	DET
ftr-312	789	42	serial	serial	ADJ
ftr-312	789	43	entrepreneur	entrepreneur	NOUN
ftr-312	789	44	who	who	PRON
ftr-312	789	45	had	have	AUX
ftr-312	789	46	had	have	VERB
ftr-312	789	47	the	the	DET
ftr-312	789	48	prior	prior	ADJ
ftr-312	789	49	experience	experience	NOUN
ftr-312	789	50	of	of	ADP
ftr-312	789	51	a	a	DET
ftr-312	789	52	significant	significant	ADJ
ftr-312	789	53	tax	tax	NOUN
ftr-312	789	54	hit	hit	VERB
ftr-312	789	55	on	on	ADP
ftr-312	789	56	a	a	DET
ftr-312	789	57	previous	previous	ADJ
ftr-312	789	58	investment	investment	NOUN
ftr-312	789	59	and	and	CCONJ
ftr-312	789	60	who	who	PRON
ftr-312	789	61	was	be	AUX
ftr-312	789	62	confident	confident	ADJ
ftr-312	789	63	about	about	ADP
ftr-312	789	64	the	the	DET
ftr-312	789	65	availability	availability	NOUN
ftr-312	789	66	of	of	ADP
ftr-312	789	67	financing.184	financing.184	NOUN
ftr-312	789	68	another	another	DET
ftr-312	789	69	lawyer	lawyer	NOUN
ftr-312	789	70	explained	explain	VERB
ftr-312	789	71	that	that	SCONJ
ftr-312	789	72	he	he	PRON
ftr-312	789	73	would	would	AUX
ftr-312	789	74	not	not	PART
ftr-312	789	75	set	set	VERB
ftr-312	789	76	such	such	DET
ftr-312	789	77	a	a	DET
ftr-312	789	78	structure	structure	NOUN
ftr-312	789	79	up	up	ADP
ftr-312	789	80	on	on	ADP
ftr-312	789	81	a	a	DET
ftr-312	789	82	deferred	deferred	ADJ
ftr-312	789	83	fee	fee	NOUN
ftr-312	789	84	basis	basis	NOUN
ftr-312	789	85	,	,	PUNCT
ftr-312	789	86	but	but	CCONJ
ftr-312	789	87	would	would	AUX
ftr-312	789	88	do	do	VERB
ftr-312	789	89	so	so	ADV
ftr-312	789	90	if	if	SCONJ
ftr-312	789	91	the	the	DET
ftr-312	789	92	client	client	NOUN
ftr-312	789	93	paid	pay	VERB
ftr-312	789	94	“	"	PUNCT
ftr-312	789	95	full	full	ADJ
ftr-312	789	96	freight	freight	NOUN
ftr-312	789	97	.	.	PUNCT
ftr-312	789	98	”185	”185	PUNCT
ftr-312	790	1	a	a	DET
ftr-312	790	2	desire	desire	NOUN
ftr-312	790	3	to	to	PART
ftr-312	790	4	access	access	VERB
ftr-312	790	5	capital	capital	NOUN
ftr-312	790	6	markets	market	NOUN
ftr-312	790	7	in	in	ADP
ftr-312	790	8	the	the	DET
ftr-312	790	9	future	future	NOUN
ftr-312	790	10	might	might	AUX
ftr-312	790	11	prompt	prompt	VERB
ftr-312	790	12	organization	organization	NOUN
ftr-312	790	13	as	as	ADP
ftr-312	790	14	a	a	DET
ftr-312	790	15	non	non	ADJ
ftr-312	790	16	-	-	ADJ
ftr-312	790	17	us	us	ADJ
ftr-312	790	18	firm	firm	NOUN
ftr-312	790	19	in	in	ADP
ftr-312	790	20	order	order	NOUN
ftr-312	790	21	to	to	PART
ftr-312	790	22	make	make	VERB
ftr-312	790	23	a	a	DET
ftr-312	790	24	future	future	ADJ
ftr-312	790	25	acquisition	acquisition	NOUN
ftr-312	790	26	transaction	transaction	NOUN
ftr-312	790	27	attractive	attractive	ADJ
ftr-312	790	28	to	to	ADP
ftr-312	790	29	a	a	DET
ftr-312	790	30	strategic	strategic	ADJ
ftr-312	790	31	acquirer	acquirer	NOUN
ftr-312	790	32	who	who	PRON
ftr-312	790	33	preferred	prefer	VERB
ftr-312	790	34	to	to	PART
ftr-312	790	35	use	use	VERB
ftr-312	790	36	offshore	offshore	ADJ
ftr-312	790	37	179	179	NUM
ftr-312	790	38	.	.	PUNCT
ftr-312	791	1	see	see	VERB
ftr-312	791	2	nelson	nelson	PROPN
ftr-312	791	3	rose	rise	VERB
ftr-312	791	4	&	&	CCONJ
ftr-312	791	5	rebecca	rebecca	PROPN
ftr-312	791	6	bolin	bolin	PROPN
ftr-312	791	7	,	,	PUNCT
ftr-312	791	8	game	game	NOUN
ftr-312	791	9	on	on	ADP
ftr-312	791	10	for	for	ADP
ftr-312	791	11	internet	internet	NOUN
ftr-312	791	12	gambling	gambling	NOUN
ftr-312	791	13	:	:	PUNCT
ftr-312	791	14	with	with	ADP
ftr-312	791	15	federal	federal	ADJ
ftr-312	791	16	approval	approval	NOUN
ftr-312	791	17	,	,	PUNCT
ftr-312	791	18	states	state	NOUN
ftr-312	791	19	line	line	VERB
ftr-312	791	20	up	up	ADP
ftr-312	791	21	to	to	PART
ftr-312	791	22	place	place	VERB
ftr-312	791	23	their	their	PRON
ftr-312	791	24	bets	bet	NOUN
ftr-312	791	25	,	,	PUNCT
ftr-312	791	26	45	45	NUM
ftr-312	791	27	conn	conn	PROPN
ftr-312	791	28	.	.	PROPN
ftr-312	792	1	l.	l.	PROPN
ftr-312	792	2	rev	rev	PROPN
ftr-312	792	3	.	.	PROPN
ftr-312	792	4	653	653	NUM
ftr-312	792	5	,	,	PUNCT
ftr-312	792	6	657–69	657–69	NUM
ftr-312	792	7	(	(	PUNCT
ftr-312	792	8	2012	2012	NUM
ftr-312	792	9	)	)	PUNCT
ftr-312	793	1	[	[	X
ftr-312	793	2	hereinafter	hereinafter	NOUN
ftr-312	793	3	rose	rise	VERB
ftr-312	793	4	&	&	CCONJ
ftr-312	793	5	bolin	bolin	PROPN
ftr-312	793	6	,	,	PUNCT
ftr-312	793	7	game	game	NOUN
ftr-312	793	8	on	on	ADP
ftr-312	793	9	for	for	ADP
ftr-312	793	10	internet	internet	NOUN
ftr-312	793	11	gambling	gambling	NOUN
ftr-312	793	12	]	]	PUNCT
ftr-312	793	13	(	(	PUNCT
ftr-312	793	14	explaining	explain	VERB
ftr-312	793	15	historic	historic	ADJ
ftr-312	793	16	legal	legal	ADJ
ftr-312	793	17	landscape	landscape	NOUN
ftr-312	793	18	)	)	PUNCT
ftr-312	793	19	.	.	PUNCT
ftr-312	794	1	180	180	NUM
ftr-312	794	2	.	.	PUNCT
ftr-312	795	1	see	see	VERB
ftr-312	795	2	hurt	hurt	NOUN
ftr-312	795	3	,	,	PUNCT
ftr-312	795	4	regulating	regulate	VERB
ftr-312	795	5	public	public	ADJ
ftr-312	795	6	morals	moral	NOUN
ftr-312	795	7	,	,	PUNCT
ftr-312	795	8	supra	supra	PROPN
ftr-312	795	9	note	note	PROPN
ftr-312	795	10	63	63	NUM
ftr-312	795	11	,	,	PUNCT
ftr-312	795	12	at	at	ADP
ftr-312	795	13	415	415	NUM
ftr-312	795	14	(	(	PUNCT
ftr-312	795	15	reporting	report	VERB
ftr-312	795	16	on	on	ADP
ftr-312	795	17	partygaming	partygame	VERB
ftr-312	795	18	ipo	ipo	NOUN
ftr-312	795	19	)	)	PUNCT
ftr-312	795	20	.	.	PUNCT
ftr-312	796	1	181	181	X
ftr-312	796	2	.	.	PUNCT
ftr-312	797	1	see	see	VERB
ftr-312	797	2	rose	rise	VERB
ftr-312	797	3	&	&	CCONJ
ftr-312	797	4	bolin	bolin	PROPN
ftr-312	797	5	,	,	PUNCT
ftr-312	797	6	game	game	NOUN
ftr-312	797	7	on	on	ADP
ftr-312	797	8	for	for	ADP
ftr-312	797	9	internet	internet	NOUN
ftr-312	797	10	gambling	gambling	NOUN
ftr-312	797	11	,	,	PUNCT
ftr-312	797	12	supra	supra	PROPN
ftr-312	797	13	note	note	NOUN
ftr-312	797	14	179	179	NUM
ftr-312	797	15	,	,	PUNCT
ftr-312	797	16	at	at	ADP
ftr-312	797	17	674–84	674–84	NOUN
ftr-312	797	18	(	(	PUNCT
ftr-312	797	19	outlining	outline	VERB
ftr-312	797	20	likely	likely	ADJ
ftr-312	797	21	state	state	NOUN
ftr-312	797	22	action	action	NOUN
ftr-312	797	23	regarding	regard	VERB
ftr-312	797	24	licensing	licensing	NOUN
ftr-312	797	25	of	of	ADP
ftr-312	797	26	online	online	ADJ
ftr-312	797	27	gambling	gambling	NOUN
ftr-312	797	28	)	)	PUNCT
ftr-312	797	29	.	.	PUNCT
ftr-312	798	1	182	182	NUM
ftr-312	798	2	.	.	PUNCT
ftr-312	799	1	cf	cf	NOUN
ftr-312	799	2	.	.	PUNCT
ftr-312	800	1	matthew	matthew	PROPN
ftr-312	800	2	garrahan	garrahan	PROPN
ftr-312	800	3	,	,	PUNCT
ftr-312	800	4	us	us	PROPN
ftr-312	800	5	states	state	NOUN
ftr-312	800	6	make	make	VERB
ftr-312	800	7	play	play	NOUN
ftr-312	800	8	for	for	ADP
ftr-312	800	9	global	global	ADJ
ftr-312	800	10	gaming	gaming	NOUN
ftr-312	800	11	,	,	PUNCT
ftr-312	800	12	fin	fin	NOUN
ftr-312	800	13	.	.	PUNCT
ftr-312	801	1	times	times	PROPN
ftr-312	801	2	,	,	PUNCT
ftr-312	801	3	mar	mar	PROPN
ftr-312	801	4	.	.	PROPN
ftr-312	801	5	25	25	NUM
ftr-312	801	6	,	,	PUNCT
ftr-312	801	7	2013	2013	NUM
ftr-312	801	8	,	,	PUNCT
ftr-312	801	9	at	at	ADP
ftr-312	801	10	15	15	NUM
ftr-312	801	11	(	(	PUNCT
ftr-312	801	12	reporting	report	VERB
ftr-312	801	13	that	that	SCONJ
ftr-312	801	14	states	state	NOUN
ftr-312	801	15	may	may	AUX
ftr-312	801	16	enter	enter	VERB
ftr-312	801	17	into	into	ADP
ftr-312	801	18	international	international	ADJ
ftr-312	801	19	regulatory	regulatory	ADJ
ftr-312	801	20	compacts	compact	NOUN
ftr-312	801	21	with	with	ADP
ftr-312	801	22	respect	respect	NOUN
ftr-312	801	23	to	to	ADP
ftr-312	801	24	the	the	DET
ftr-312	801	25	regulation	regulation	NOUN
ftr-312	801	26	of	of	ADP
ftr-312	801	27	online	online	ADJ
ftr-312	801	28	gambling	gambling	NOUN
ftr-312	801	29	)	)	PUNCT
ftr-312	801	30	.	.	PUNCT
ftr-312	802	1	183	183	NUM
ftr-312	802	2	.	.	PUNCT
ftr-312	803	1	see	see	VERB
ftr-312	803	2	supra	supra	PROPN
ftr-312	803	3	notes	note	VERB
ftr-312	803	4	64	64	NUM
ftr-312	803	5	-	-	SYM
ftr-312	803	6	69	69	NUM
ftr-312	803	7	and	and	CCONJ
ftr-312	803	8	accompanying	accompany	VERB
ftr-312	803	9	text	text	NOUN
ftr-312	803	10	.	.	PUNCT
ftr-312	804	1	184	184	X
ftr-312	804	2	.	.	PUNCT
ftr-312	804	3	telephone	telephone	NOUN
ftr-312	804	4	interview	interview	NOUN
ftr-312	804	5	with	with	ADP
ftr-312	804	6	silicon	silicon	NOUN
ftr-312	804	7	valley	valley	PROPN
ftr-312	804	8	law	law	PROPN
ftr-312	804	9	firm	firm	NOUN
ftr-312	804	10	partner	partner	NOUN
ftr-312	804	11	(	(	PUNCT
ftr-312	804	12	feb	feb	PROPN
ftr-312	804	13	.	.	PROPN
ftr-312	804	14	4	4	NUM
ftr-312	804	15	,	,	PUNCT
ftr-312	804	16	2013	2013	NUM
ftr-312	804	17	)	)	PUNCT
ftr-312	804	18	.	.	PUNCT
ftr-312	805	1	one	one	NUM
ftr-312	805	2	founder	founder	NOUN
ftr-312	805	3	reported	report	VERB
ftr-312	805	4	refusing	refuse	VERB
ftr-312	805	5	venture	venture	NOUN
ftr-312	805	6	capital	capital	NOUN
ftr-312	805	7	funding	funding	NOUN
ftr-312	805	8	for	for	ADP
ftr-312	805	9	a	a	DET
ftr-312	805	10	second	second	ADJ
ftr-312	805	11	startup	startup	NOUN
ftr-312	805	12	,	,	PUNCT
ftr-312	805	13	organizing	organize	VERB
ftr-312	805	14	it	it	PRON
ftr-312	805	15	as	as	ADP
ftr-312	805	16	an	an	DET
ftr-312	805	17	llc	llc	NOUN
ftr-312	805	18	,	,	PUNCT
ftr-312	805	19	and	and	CCONJ
ftr-312	805	20	considering	consider	VERB
ftr-312	805	21	a	a	DET
ftr-312	805	22	non	non	ADJ
ftr-312	805	23	-	-	ADJ
ftr-312	805	24	us	us	ADJ
ftr-312	805	25	parent	parent	NOUN
ftr-312	805	26	structure	structure	NOUN
ftr-312	805	27	.	.	PUNCT
ftr-312	806	1	telephone	telephone	NOUN
ftr-312	806	2	interview	interview	NOUN
ftr-312	806	3	with	with	ADP
ftr-312	806	4	silicon	silicon	PROPN
ftr-312	806	5	valley	valley	PROPN
ftr-312	806	6	entrepreneur	entrepreneur	NOUN
ftr-312	806	7	(	(	PUNCT
ftr-312	806	8	feb	feb	PROPN
ftr-312	806	9	.	.	PROPN
ftr-312	806	10	11	11	NUM
ftr-312	806	11	,	,	PUNCT
ftr-312	806	12	2013	2013	NUM
ftr-312	806	13	)	)	PUNCT
ftr-312	806	14	.	.	PUNCT
ftr-312	807	1	185	185	NUM
ftr-312	807	2	.	.	PUNCT
ftr-312	808	1	telephone	telephone	NOUN
ftr-312	808	2	interview	interview	NOUN
ftr-312	808	3	with	with	ADP
ftr-312	808	4	san	san	PROPN
ftr-312	808	5	francisco	francisco	PROPN
ftr-312	808	6	law	law	NOUN
ftr-312	808	7	firm	firm	NOUN
ftr-312	808	8	partner	partner	NOUN
ftr-312	808	9	(	(	PUNCT
ftr-312	808	10	feb	feb	PROPN
ftr-312	808	11	.	.	PROPN
ftr-312	808	12	16	16	NUM
ftr-312	808	13	,	,	PUNCT
ftr-312	808	14	2013	2013	NUM
ftr-312	808	15	)	)	PUNCT
ftr-312	808	16	.	.	PUNCT
ftr-312	809	1	358	358	NUM
ftr-312	809	2	florida	florida	PROPN
ftr-312	809	3	tax	tax	NOUN
ftr-312	809	4	review	review	NOUN
ftr-312	810	1	[	[	X
ftr-312	810	2	vol	vol	NOUN
ftr-312	810	3	.	.	PUNCT
ftr-312	811	1	14:8	14:8	NUM
ftr-312	811	2	cash	cash	NOUN
ftr-312	811	3	.	.	PUNCT
ftr-312	812	1	the	the	DET
ftr-312	812	2	results	result	NOUN
ftr-312	812	3	of	of	ADP
ftr-312	812	4	informal	informal	ADJ
ftr-312	812	5	interviews	interview	NOUN
ftr-312	812	6	did	do	AUX
ftr-312	812	7	not	not	PART
ftr-312	812	8	suggest	suggest	VERB
ftr-312	812	9	that	that	SCONJ
ftr-312	812	10	this	this	DET
ftr-312	812	11	factor	factor	NOUN
ftr-312	812	12	is	be	AUX
ftr-312	812	13	thought	think	VERB
ftr-312	812	14	to	to	PART
ftr-312	812	15	affect	affect	VERB
ftr-312	812	16	startup	startup	NOUN
ftr-312	812	17	company	company	NOUN
ftr-312	812	18	valuation.186	valuation.186	VERB
ftr-312	812	19	however	however	ADV
ftr-312	812	20	,	,	PUNCT
ftr-312	812	21	it	it	PRON
ftr-312	812	22	arguably	arguably	ADV
ftr-312	812	23	has	have	AUX
ftr-312	812	24	affected	affect	VERB
ftr-312	812	25	valuation	valuation	NOUN
ftr-312	812	26	in	in	ADP
ftr-312	812	27	some	some	DET
ftr-312	812	28	acquisitions	acquisition	NOUN
ftr-312	812	29	.	.	PUNCT
ftr-312	813	1	skype	skype	NOUN
ftr-312	813	2	provides	provide	VERB
ftr-312	813	3	a	a	DET
ftr-312	813	4	good	good	ADJ
ftr-312	813	5	example	example	NOUN
ftr-312	813	6	,	,	PUNCT
ftr-312	813	7	although	although	SCONJ
ftr-312	813	8	it	it	PRON
ftr-312	813	9	is	be	AUX
ftr-312	813	10	not	not	PART
ftr-312	813	11	a	a	DET
ftr-312	813	12	pure	pure	ADJ
ftr-312	813	13	startup	startup	NOUN
ftr-312	813	14	example.187	example.187	NOUN
ftr-312	813	15	microsoft	microsoft	PROPN
ftr-312	813	16	bought	buy	VERB
ftr-312	813	17	skype	skype	PROPN
ftr-312	813	18	,	,	PUNCT
ftr-312	813	19	an	an	DET
ftr-312	813	20	mnc	mnc	NOUN
ftr-312	813	21	with	with	ADP
ftr-312	813	22	a	a	DET
ftr-312	813	23	corporate	corporate	ADJ
ftr-312	813	24	parent	parent	NOUN
ftr-312	813	25	resident	resident	NOUN
ftr-312	813	26	in	in	ADP
ftr-312	813	27	luxembourg	luxembourg	PROPN
ftr-312	813	28	,	,	PUNCT
ftr-312	813	29	where	where	SCONJ
ftr-312	813	30	the	the	DET
ftr-312	813	31	corporate	corporate	ADJ
ftr-312	813	32	tax	tax	NOUN
ftr-312	813	33	is	be	AUX
ftr-312	813	34	0.4	0.4	NUM
ftr-312	813	35	percent	percent	NOUN
ftr-312	813	36	,	,	PUNCT
ftr-312	813	37	from	from	ADP
ftr-312	813	38	a	a	DET
ftr-312	813	39	private	private	ADJ
ftr-312	813	40	equity	equity	NOUN
ftr-312	813	41	consortium	consortium	NOUN
ftr-312	813	42	including	include	VERB
ftr-312	813	43	silver	silver	PROPN
ftr-312	813	44	lake	lake	NOUN
ftr-312	813	45	partners	partner	NOUN
ftr-312	813	46	and	and	CCONJ
ftr-312	813	47	from	from	ADP
ftr-312	813	48	ebay	ebay	NOUN
ftr-312	813	49	in	in	ADP
ftr-312	813	50	2011.188	2011.188	NUM
ftr-312	813	51	the	the	DET
ftr-312	813	52	price	price	NOUN
ftr-312	813	53	was	be	AUX
ftr-312	813	54	$	$	SYM
ftr-312	813	55	8.5	8.5	NUM
ftr-312	813	56	billion	billion	NUM
ftr-312	813	57	.	.	PUNCT
ftr-312	814	1	microsoft	microsoft	PROPN
ftr-312	814	2	’s	’s	PART
ftr-312	814	3	ability	ability	NOUN
ftr-312	814	4	to	to	PART
ftr-312	814	5	forecast	forecast	VERB
ftr-312	814	6	a	a	DET
ftr-312	814	7	low	low	ADJ
ftr-312	814	8	tax	tax	NOUN
ftr-312	814	9	rate	rate	NOUN
ftr-312	814	10	for	for	ADP
ftr-312	814	11	skype	skype	NOUN
ftr-312	814	12	profits	profit	NOUN
ftr-312	814	13	and	and	CCONJ
ftr-312	814	14	its	its	PRON
ftr-312	814	15	ability	ability	NOUN
ftr-312	814	16	to	to	PART
ftr-312	814	17	use	use	VERB
ftr-312	814	18	offshore	offshore	ADJ
ftr-312	814	19	cash	cash	NOUN
ftr-312	814	20	for	for	ADP
ftr-312	814	21	the	the	DET
ftr-312	814	22	acquisition	acquisition	NOUN
ftr-312	814	23	without	without	ADP
ftr-312	814	24	paying	pay	VERB
ftr-312	814	25	any	any	DET
ftr-312	814	26	residual	residual	ADJ
ftr-312	814	27	repatriation	repatriation	NOUN
ftr-312	814	28	tax	tax	NOUN
ftr-312	814	29	may	may	AUX
ftr-312	814	30	have	have	AUX
ftr-312	814	31	enabled	enable	VERB
ftr-312	814	32	it	it	PRON
ftr-312	814	33	to	to	PART
ftr-312	814	34	pay	pay	VERB
ftr-312	814	35	much	much	ADV
ftr-312	814	36	more	more	ADJ
ftr-312	814	37	than	than	SCONJ
ftr-312	814	38	it	it	PRON
ftr-312	814	39	would	would	AUX
ftr-312	814	40	have	have	AUX
ftr-312	814	41	been	be	AUX
ftr-312	814	42	able	able	ADJ
ftr-312	814	43	to	to	PART
ftr-312	814	44	pay	pay	VERB
ftr-312	814	45	otherwise.189	otherwise.189	PROPN
ftr-312	814	46	d.	d.	PROPN
ftr-312	814	47	investor	investor	NOUN
ftr-312	814	48	preferences	preference	VERB
ftr-312	814	49	a	a	DET
ftr-312	814	50	number	number	NOUN
ftr-312	814	51	of	of	ADP
ftr-312	814	52	tax	tax	NOUN
ftr-312	814	53	-	-	PUNCT
ftr-312	814	54	haven	haven	NOUN
ftr-312	814	55	-	-	PUNCT
ftr-312	814	56	incorporated	incorporate	VERB
ftr-312	814	57	firms	firm	NOUN
ftr-312	814	58	in	in	ADP
ftr-312	814	59	the	the	DET
ftr-312	814	60	ipo	ipo	PROPN
ftr-312	814	61	data	datum	NOUN
ftr-312	814	62	set	set	VERB
ftr-312	814	63	had	have	VERB
ftr-312	814	64	investors	investor	NOUN
ftr-312	814	65	or	or	CCONJ
ftr-312	814	66	founders	founder	NOUN
ftr-312	814	67	with	with	ADP
ftr-312	814	68	links	link	NOUN
ftr-312	814	69	to	to	ADP
ftr-312	814	70	a	a	DET
ftr-312	814	71	non	non	ADJ
ftr-312	814	72	-	-	ADJ
ftr-312	814	73	us	us	ADJ
ftr-312	814	74	jurisdiction	jurisdiction	NOUN
ftr-312	814	75	.	.	PUNCT
ftr-312	815	1	some	some	DET
ftr-312	815	2	tax	tax	NOUN
ftr-312	815	3	factors	factor	NOUN
ftr-312	815	4	correlate	correlate	VERB
ftr-312	815	5	with	with	ADP
ftr-312	815	6	this	this	DET
ftr-312	815	7	result	result	NOUN
ftr-312	815	8	.	.	PUNCT
ftr-312	816	1	for	for	ADP
ftr-312	816	2	example	example	NOUN
ftr-312	816	3	,	,	PUNCT
ftr-312	816	4	a	a	DET
ftr-312	816	5	non	non	ADJ
ftr-312	816	6	-	-	ADJ
ftr-312	816	7	us	us	ADJ
ftr-312	816	8	investor	investor	NOUN
ftr-312	816	9	does	do	AUX
ftr-312	816	10	not	not	PART
ftr-312	816	11	face	face	VERB
ftr-312	816	12	any	any	DET
ftr-312	816	13	pfic	pfic	ADJ
ftr-312	816	14	risk	risk	NOUN
ftr-312	816	15	as	as	ADP
ftr-312	816	16	a	a	DET
ftr-312	816	17	result	result	NOUN
ftr-312	816	18	of	of	ADP
ftr-312	816	19	holding	hold	VERB
ftr-312	816	20	non	non	ADJ
ftr-312	816	21	-	-	ADJ
ftr-312	816	22	us	us	ADJ
ftr-312	816	23	company	company	NOUN
ftr-312	816	24	stock	stock	NOUN
ftr-312	816	25	.	.	PUNCT
ftr-312	817	1	in	in	ADP
ftr-312	817	2	addition	addition	NOUN
ftr-312	817	3	,	,	PUNCT
ftr-312	817	4	the	the	DET
ftr-312	817	5	laws	law	NOUN
ftr-312	817	6	applicable	applicable	ADJ
ftr-312	817	7	in	in	ADP
ftr-312	817	8	the	the	DET
ftr-312	817	9	non	non	ADJ
ftr-312	817	10	-	-	ADJ
ftr-312	817	11	us	us	PROPN
ftr-312	817	12	investor	investor	NOUN
ftr-312	817	13	’s	’s	PART
ftr-312	817	14	country	country	NOUN
ftr-312	817	15	and	and	CCONJ
ftr-312	817	16	the	the	DET
ftr-312	817	17	country	country	NOUN
ftr-312	817	18	of	of	ADP
ftr-312	817	19	incorporation	incorporation	NOUN
ftr-312	817	20	will	will	AUX
ftr-312	817	21	determine	determine	VERB
ftr-312	817	22	outcomes	outcome	NOUN
ftr-312	817	23	including	include	VERB
ftr-312	817	24	treaty	treaty	NOUN
ftr-312	817	25	benefits	benefit	NOUN
ftr-312	817	26	such	such	ADJ
ftr-312	817	27	as	as	ADP
ftr-312	817	28	withholding	withhold	VERB
ftr-312	817	29	tax	tax	NOUN
ftr-312	817	30	relief	relief	NOUN
ftr-312	817	31	,	,	PUNCT
ftr-312	817	32	and	and	CCONJ
ftr-312	817	33	tax	tax	NOUN
ftr-312	817	34	reporting	reporting	NOUN
ftr-312	817	35	requirements	requirement	NOUN
ftr-312	817	36	.	.	PUNCT
ftr-312	818	1	these	these	PRON
ftr-312	818	2	may	may	AUX
ftr-312	818	3	be	be	AUX
ftr-312	818	4	more	more	ADV
ftr-312	818	5	favorable	favorable	ADJ
ftr-312	818	6	than	than	ADP
ftr-312	818	7	those	those	PRON
ftr-312	818	8	prescribed	prescribe	VERB
ftr-312	818	9	by	by	ADP
ftr-312	818	10	us	us	PROPN
ftr-312	818	11	law	law	NOUN
ftr-312	818	12	.	.	PUNCT
ftr-312	819	1	186	186	NUM
ftr-312	819	2	.	.	PUNCT
ftr-312	820	1	e.g.	e.g.	ADV
ftr-312	820	2	,	,	PUNCT
ftr-312	820	3	telephone	telephone	NOUN
ftr-312	820	4	interview	interview	NOUN
ftr-312	820	5	with	with	ADP
ftr-312	820	6	silicon	silicon	PROPN
ftr-312	820	7	valley	valley	PROPN
ftr-312	820	8	entrepreneur	entrepreneur	NOUN
ftr-312	820	9	(	(	PUNCT
ftr-312	820	10	feb	feb	PROPN
ftr-312	820	11	.	.	PROPN
ftr-312	820	12	11	11	NUM
ftr-312	820	13	,	,	PUNCT
ftr-312	820	14	2013	2013	NUM
ftr-312	820	15	)	)	PUNCT
ftr-312	820	16	(	(	PUNCT
ftr-312	820	17	remarking	remark	VERB
ftr-312	820	18	that	that	SCONJ
ftr-312	820	19	pharmaceutical	pharmaceutical	ADJ
ftr-312	820	20	companies	company	NOUN
ftr-312	820	21	really	really	ADV
ftr-312	820	22	care	care	VERB
ftr-312	820	23	about	about	ADP
ftr-312	820	24	the	the	DET
ftr-312	820	25	technology	technology	NOUN
ftr-312	820	26	)	)	PUNCT
ftr-312	820	27	;	;	PUNCT
ftr-312	820	28	telephone	telephone	NOUN
ftr-312	820	29	interview	interview	NOUN
ftr-312	820	30	with	with	ADP
ftr-312	820	31	san	san	PROPN
ftr-312	820	32	francisco	francisco	PROPN
ftr-312	820	33	law	law	NOUN
ftr-312	820	34	firm	firm	NOUN
ftr-312	820	35	partner	partner	NOUN
ftr-312	820	36	(	(	PUNCT
ftr-312	820	37	feb	feb	PROPN
ftr-312	820	38	.	.	PROPN
ftr-312	820	39	16	16	NUM
ftr-312	820	40	,	,	PUNCT
ftr-312	820	41	2013	2013	NUM
ftr-312	820	42	)	)	PUNCT
ftr-312	820	43	(	(	PUNCT
ftr-312	820	44	expressing	express	VERB
ftr-312	820	45	doubt	doubt	NOUN
ftr-312	820	46	that	that	SCONJ
ftr-312	820	47	an	an	DET
ftr-312	820	48	offshore	offshore	ADJ
ftr-312	820	49	structure	structure	NOUN
ftr-312	820	50	would	would	AUX
ftr-312	820	51	affect	affect	VERB
ftr-312	820	52	valuation	valuation	NOUN
ftr-312	820	53	)	)	PUNCT
ftr-312	820	54	.	.	PUNCT
ftr-312	821	1	187	187	NUM
ftr-312	821	2	.	.	PUNCT
ftr-312	822	1	a	a	DET
ftr-312	822	2	similar	similar	ADJ
ftr-312	822	3	example	example	NOUN
ftr-312	822	4	is	be	AUX
ftr-312	822	5	provided	provide	VERB
ftr-312	822	6	by	by	ADP
ftr-312	822	7	the	the	DET
ftr-312	822	8	1994	1994	NUM
ftr-312	822	9	acquisition	acquisition	NOUN
ftr-312	822	10	of	of	ADP
ftr-312	822	11	syntex	syntex	NOUN
ftr-312	822	12	,	,	PUNCT
ftr-312	822	13	a	a	DET
ftr-312	822	14	silicon	silicon	NOUN
ftr-312	822	15	valley	valley	NOUN
ftr-312	822	16	firm	firm	NOUN
ftr-312	822	17	,	,	PUNCT
ftr-312	822	18	by	by	ADP
ftr-312	822	19	roche	roche	PROPN
ftr-312	822	20	holdings	holdings	PROPN
ftr-312	822	21	ltd	ltd	PROPN
ftr-312	822	22	.	.	PROPN
ftr-312	823	1	see	see	VERB
ftr-312	823	2	milt	milt	PROPN
ftr-312	823	3	freudenheim	freudenheim	PROPN
ftr-312	823	4	,	,	PUNCT
ftr-312	823	5	roche	roche	PROPN
ftr-312	823	6	set	set	VERB
ftr-312	823	7	to	to	PART
ftr-312	823	8	acquire	acquire	VERB
ftr-312	823	9	syntex	syntex	NOUN
ftr-312	823	10	,	,	PUNCT
ftr-312	823	11	n.y	n.y	PROPN
ftr-312	823	12	.	.	PROPN
ftr-312	823	13	times	times	PROPN
ftr-312	823	14	,	,	PUNCT
ftr-312	823	15	may	may	AUX
ftr-312	823	16	3	3	NUM
ftr-312	823	17	,	,	PUNCT
ftr-312	823	18	1994	1994	NUM
ftr-312	823	19	,	,	PUNCT
ftr-312	823	20	at	at	ADP
ftr-312	823	21	d1	d1	NOUN
ftr-312	823	22	,	,	PUNCT
ftr-312	823	23	d6	d6	NOUN
ftr-312	823	24	(	(	PUNCT
ftr-312	823	25	reporting	report	VERB
ftr-312	823	26	that	that	SCONJ
ftr-312	823	27	syntex	syntex	NOUN
ftr-312	823	28	was	be	AUX
ftr-312	823	29	based	base	VERB
ftr-312	823	30	in	in	ADP
ftr-312	823	31	palo	palo	PROPN
ftr-312	823	32	alto	alto	PROPN
ftr-312	823	33	and	and	CCONJ
ftr-312	823	34	incorporated	incorporate	VERB
ftr-312	823	35	in	in	ADP
ftr-312	823	36	panama	panama	NOUN
ftr-312	823	37	)	)	PUNCT
ftr-312	823	38	.	.	PUNCT
ftr-312	824	1	roche	roche	PROPN
ftr-312	824	2	holdings	holdings	PROPN
ftr-312	824	3	ltd	ltd	PROPN
ftr-312	824	4	.	.	PROPN
ftr-312	824	5	was	be	AUX
ftr-312	824	6	a	a	DET
ftr-312	824	7	swiss	swiss	ADJ
ftr-312	824	8	corporation	corporation	NOUN
ftr-312	824	9	;	;	PUNCT
ftr-312	824	10	it	it	PRON
ftr-312	824	11	owned	own	VERB
ftr-312	824	12	a	a	DET
ftr-312	824	13	non	non	ADJ
ftr-312	824	14	-	-	ADJ
ftr-312	824	15	resident	resident	ADJ
ftr-312	824	16	canadian	canadian	ADJ
ftr-312	824	17	corporation	corporation	NOUN
ftr-312	824	18	,	,	PUNCT
ftr-312	824	19	which	which	PRON
ftr-312	824	20	owned	own	VERB
ftr-312	824	21	the	the	DET
ftr-312	824	22	acquiring	acquire	VERB
ftr-312	824	23	company	company	NOUN
ftr-312	824	24	,	,	PUNCT
ftr-312	824	25	a	a	DET
ftr-312	824	26	panama	panama	PROPN
ftr-312	824	27	corporation	corporation	NOUN
ftr-312	824	28	.	.	PUNCT
ftr-312	825	1	see	see	VERB
ftr-312	825	2	syntex	syntex	PROPN
ftr-312	825	3	corp	corp	PROPN
ftr-312	825	4	.	.	PROPN
ftr-312	825	5	,	,	PUNCT
ftr-312	825	6	tender	tender	PROPN
ftr-312	825	7	offer	offer	NOUN
ftr-312	825	8	statement	statement	NOUN
ftr-312	825	9	(	(	PUNCT
ftr-312	825	10	schedule	schedule	NOUN
ftr-312	825	11	14d-1a	14d-1a	NUM
ftr-312	825	12	)	)	PUNCT
ftr-312	825	13	(	(	PUNCT
ftr-312	825	14	sept	sept	PROPN
ftr-312	825	15	.	.	PROPN
ftr-312	825	16	9	9	NUM
ftr-312	825	17	,	,	PUNCT
ftr-312	825	18	1994	1994	NUM
ftr-312	825	19	)	)	PUNCT
ftr-312	825	20	,	,	PUNCT
ftr-312	825	21	http://www.sec.gov/archives/edgar/data/96000/0000950103-94-003492.txt	http://www.sec.gov/archives/edgar/data/96000/0000950103-94-003492.txt	PROPN
ftr-312	825	22	.	.	PROPN
ftr-312	825	23	188	188	NUM
ftr-312	825	24	.	.	PUNCT
ftr-312	826	1	see	see	VERB
ftr-312	826	2	richard	richard	PROPN
ftr-312	826	3	waters	water	NOUN
ftr-312	826	4	,	,	PUNCT
ftr-312	826	5	tim	tim	PROPN
ftr-312	826	6	bradshaw	bradshaw	PROPN
ftr-312	826	7	&	&	CCONJ
ftr-312	826	8	maija	maija	PROPN
ftr-312	826	9	palmer	palmer	PROPN
ftr-312	826	10	,	,	PUNCT
ftr-312	826	11	microsoft	microsoft	PROPN
ftr-312	826	12	in	in	ADP
ftr-312	826	13	$	$	SYM
ftr-312	826	14	8.5bn	8.5bn	PROPN
ftr-312	826	15	skype	skype	NOUN
ftr-312	826	16	deal	deal	NOUN
ftr-312	826	17	,	,	PUNCT
ftr-312	826	18	fin	fin	NOUN
ftr-312	826	19	.	.	PUNCT
ftr-312	826	20	times	times	PROPN
ftr-312	826	21	,	,	PUNCT
ftr-312	826	22	may	may	AUX
ftr-312	826	23	10	10	NUM
ftr-312	826	24	,	,	PUNCT
ftr-312	826	25	2011	2011	NUM
ftr-312	826	26	,	,	PUNCT
ftr-312	826	27	at	at	ADP
ftr-312	826	28	1	1	NUM
ftr-312	826	29	(	(	PUNCT
ftr-312	826	30	reporting	report	VERB
ftr-312	826	31	profit	profit	NOUN
ftr-312	826	32	of	of	ADP
ftr-312	826	33	$	$	SYM
ftr-312	826	34	5	5	NUM
ftr-312	826	35	billion	billion	NUM
ftr-312	826	36	for	for	ADP
ftr-312	826	37	the	the	DET
ftr-312	826	38	investors	investor	NOUN
ftr-312	826	39	who	who	PRON
ftr-312	826	40	had	have	AUX
ftr-312	826	41	purchased	purchase	VERB
ftr-312	826	42	70	70	NUM
ftr-312	826	43	percent	percent	NOUN
ftr-312	826	44	of	of	ADP
ftr-312	826	45	skype	skype	NOUN
ftr-312	826	46	eighteen	eighteen	NUM
ftr-312	826	47	months	month	NOUN
ftr-312	826	48	before	before	ADP
ftr-312	826	49	the	the	DET
ftr-312	826	50	announcement	announcement	NOUN
ftr-312	826	51	of	of	ADP
ftr-312	826	52	the	the	DET
ftr-312	826	53	microsoft	microsoft	PROPN
ftr-312	826	54	deal	deal	PROPN
ftr-312	826	55	)	)	PUNCT
ftr-312	826	56	.	.	PUNCT
ftr-312	827	1	189	189	NUM
ftr-312	827	2	.	.	PUNCT
ftr-312	828	1	see	see	VERB
ftr-312	828	2	ronald	ronald	PROPN
ftr-312	828	3	barusch	barusch	PROPN
ftr-312	828	4	,	,	PUNCT
ftr-312	828	5	microsoft	microsoft	PROPN
ftr-312	828	6	’s	’s	PART
ftr-312	828	7	brilliant	brilliant	ADJ
ftr-312	828	8	,	,	PUNCT
ftr-312	828	9	legal	legal	ADJ
ftr-312	828	10	tax	tax	NOUN
ftr-312	828	11	dodge	dodge	NOUN
ftr-312	828	12	,	,	PUNCT
ftr-312	828	13	wall	wall	PROPN
ftr-312	828	14	st	st	PROPN
ftr-312	828	15	.	.	PROPN
ftr-312	828	16	j.	j.	PROPN
ftr-312	828	17	dealpolitik	dealpolitik	PROPN
ftr-312	828	18	(	(	PUNCT
ftr-312	828	19	may	may	PROPN
ftr-312	828	20	11	11	NUM
ftr-312	828	21	,	,	PUNCT
ftr-312	828	22	2011	2011	NUM
ftr-312	828	23	,	,	PUNCT
ftr-312	828	24	2:59	2:59	NUM
ftr-312	828	25	pm	pm	NOUN
ftr-312	828	26	)	)	PUNCT
ftr-312	828	27	,	,	PUNCT
ftr-312	828	28	http://blogs.wsj.com/deals/2011/05/11/dealpolitik-lesson-from-microsoftskypecongress-must-fix-corporate-tax-law/	http://blogs.wsj.com/deals/2011/05/11/dealpolitik-lesson-from-microsoftskypecongress-must-fix-corporate-tax-law/	PROPN
ftr-312	828	29	(	(	PUNCT
ftr-312	828	30	estimating	estimate	VERB
ftr-312	828	31	deal	deal	NOUN
ftr-312	828	32	price	price	NOUN
ftr-312	828	33	of	of	ADP
ftr-312	828	34	$	$	SYM
ftr-312	828	35	5.5	5.5	NUM
ftr-312	828	36	billion	billion	NUM
ftr-312	828	37	if	if	SCONJ
ftr-312	828	38	skype	skype	NOUN
ftr-312	828	39	“	"	PUNCT
ftr-312	828	40	had	have	AUX
ftr-312	828	41	been	be	AUX
ftr-312	828	42	a	a	DET
ftr-312	828	43	delaware	delaware	PROPN
ftr-312	828	44	corporation	corporation	NOUN
ftr-312	828	45	run	run	VERB
ftr-312	828	46	out	out	ADP
ftr-312	828	47	of	of	ADP
ftr-312	828	48	silicon	silicon	NOUN
ftr-312	828	49	valley	valley	NOUN
ftr-312	828	50	”	"	PUNCT
ftr-312	828	51	and	and	CCONJ
ftr-312	828	52	microsoft	microsoft	PROPN
ftr-312	828	53	had	have	AUX
ftr-312	828	54	used	use	VERB
ftr-312	828	55	offshore	offshore	ADJ
ftr-312	828	56	cash	cash	NOUN
ftr-312	828	57	)	)	PUNCT
ftr-312	828	58	.	.	PUNCT
ftr-312	829	1	2013	2013	NUM
ftr-312	829	2	]	]	PUNCT
ftr-312	829	3	tax	tax	NOUN
ftr-312	829	4	planning	planning	NOUN
ftr-312	829	5	and	and	CCONJ
ftr-312	829	6	initial	initial	ADJ
ftr-312	829	7	incorporation	incorporation	NOUN
ftr-312	829	8	location	location	NOUN
ftr-312	829	9	359	359	NUM
ftr-312	829	10	non	non	ADJ
ftr-312	829	11	-	-	ADJ
ftr-312	829	12	us	us	ADJ
ftr-312	829	13	connections	connection	NOUN
ftr-312	829	14	also	also	ADV
ftr-312	829	15	mitigate	mitigate	VERB
ftr-312	829	16	some	some	PRON
ftr-312	829	17	of	of	ADP
ftr-312	829	18	the	the	DET
ftr-312	829	19	risks	risk	NOUN
ftr-312	829	20	presented	present	VERB
ftr-312	829	21	by	by	ADP
ftr-312	829	22	a	a	DET
ftr-312	829	23	non	non	ADJ
ftr-312	829	24	-	-	ADJ
ftr-312	829	25	us	us	ADJ
ftr-312	829	26	incorporation	incorporation	NOUN
ftr-312	829	27	structure	structure	NOUN
ftr-312	829	28	.	.	PUNCT
ftr-312	830	1	venture	venture	NOUN
ftr-312	830	2	firms	firm	NOUN
ftr-312	830	3	that	that	PRON
ftr-312	830	4	focus	focus	VERB
ftr-312	830	5	on	on	ADP
ftr-312	830	6	particular	particular	ADJ
ftr-312	830	7	nonus	nonus	NOUN
ftr-312	830	8	sectors	sector	NOUN
ftr-312	830	9	often	often	ADV
ftr-312	830	10	use	use	VERB
ftr-312	830	11	non	non	ADJ
ftr-312	830	12	-	-	ADJ
ftr-312	830	13	us	we	PRON
ftr-312	830	14	incorporation	incorporation	NOUN
ftr-312	830	15	jurisdictions	jurisdiction	NOUN
ftr-312	830	16	in	in	ADP
ftr-312	830	17	those	those	DET
ftr-312	830	18	sectors	sector	NOUN
ftr-312	830	19	,	,	PUNCT
ftr-312	830	20	for	for	ADP
ftr-312	830	21	example	example	NOUN
ftr-312	830	22	.	.	PUNCT
ftr-312	831	1	their	their	PRON
ftr-312	831	2	local	local	ADJ
ftr-312	831	3	presence	presence	NOUN
ftr-312	831	4	may	may	AUX
ftr-312	831	5	reduce	reduce	VERB
ftr-312	831	6	legal	legal	ADJ
ftr-312	831	7	risks	risk	NOUN
ftr-312	831	8	,	,	PUNCT
ftr-312	831	9	for	for	ADP
ftr-312	831	10	example	example	NOUN
ftr-312	831	11	those	those	PRON
ftr-312	831	12	related	relate	VERB
ftr-312	831	13	to	to	ADP
ftr-312	831	14	the	the	DET
ftr-312	831	15	ability	ability	NOUN
ftr-312	831	16	to	to	PART
ftr-312	831	17	pursue	pursue	VERB
ftr-312	831	18	court	court	NOUN
ftr-312	831	19	remedies	remedy	NOUN
ftr-312	831	20	in	in	ADP
ftr-312	831	21	the	the	DET
ftr-312	831	22	event	event	NOUN
ftr-312	831	23	of	of	ADP
ftr-312	831	24	controversy	controversy	NOUN
ftr-312	831	25	.	.	PUNCT
ftr-312	832	1	in	in	ADP
ftr-312	832	2	addition	addition	NOUN
ftr-312	832	3	,	,	PUNCT
ftr-312	832	4	non	non	ADJ
ftr-312	832	5	-	-	ADJ
ftr-312	832	6	us	us	ADJ
ftr-312	832	7	connections	connection	NOUN
ftr-312	832	8	support	support	VERB
ftr-312	832	9	easier	easy	ADJ
ftr-312	832	10	access	access	NOUN
ftr-312	832	11	to	to	ADP
ftr-312	832	12	local	local	ADJ
ftr-312	832	13	,	,	PUNCT
ftr-312	832	14	nonus	nonus	ADJ
ftr-312	832	15	attorneys	attorney	NOUN
ftr-312	832	16	,	,	PUNCT
ftr-312	832	17	which	which	PRON
ftr-312	832	18	can	can	AUX
ftr-312	832	19	reverse	reverse	VERB
ftr-312	832	20	the	the	DET
ftr-312	832	21	gatekeeper	gatekeeper	NOUN
ftr-312	832	22	effects	effect	NOUN
ftr-312	832	23	that	that	PRON
ftr-312	832	24	cause	cause	VERB
ftr-312	832	25	us	we	PRON
ftr-312	832	26	lawyers	lawyer	NOUN
ftr-312	832	27	to	to	PART
ftr-312	832	28	recommend	recommend	VERB
ftr-312	832	29	delaware	delaware	PROPN
ftr-312	832	30	incorporation	incorporation	NOUN
ftr-312	832	31	.	.	PUNCT
ftr-312	833	1	a	a	DET
ftr-312	833	2	local	local	ADJ
ftr-312	833	3	indian	indian	ADJ
ftr-312	833	4	or	or	CCONJ
ftr-312	833	5	israeli	israeli	ADJ
ftr-312	833	6	lawyer	lawyer	NOUN
ftr-312	833	7	,	,	PUNCT
ftr-312	833	8	for	for	ADP
ftr-312	833	9	example	example	NOUN
ftr-312	833	10	,	,	PUNCT
ftr-312	833	11	is	be	AUX
ftr-312	833	12	likely	likely	ADJ
ftr-312	833	13	to	to	PART
ftr-312	833	14	recommend	recommend	VERB
ftr-312	833	15	indian	indian	ADJ
ftr-312	833	16	or	or	CCONJ
ftr-312	833	17	israeli	israeli	ADJ
ftr-312	833	18	incorporation	incorporation	NOUN
ftr-312	833	19	.	.	PUNCT
ftr-312	834	1	a	a	DET
ftr-312	834	2	local	local	ADJ
ftr-312	834	3	chinese	chinese	ADJ
ftr-312	834	4	lawyer	lawyer	NOUN
ftr-312	834	5	may	may	AUX
ftr-312	834	6	recommend	recommend	VERB
ftr-312	834	7	that	that	SCONJ
ftr-312	834	8	a	a	DET
ftr-312	834	9	firm	firm	NOUN
ftr-312	834	10	follow	follow	VERB
ftr-312	834	11	a	a	DET
ftr-312	834	12	familiar	familiar	ADJ
ftr-312	834	13	structure	structure	NOUN
ftr-312	834	14	that	that	PRON
ftr-312	834	15	uses	use	VERB
ftr-312	834	16	a	a	DET
ftr-312	834	17	parent	parent	NOUN
ftr-312	834	18	company	company	NOUN
ftr-312	834	19	incorporated	incorporate	VERB
ftr-312	834	20	in	in	ADP
ftr-312	834	21	the	the	DET
ftr-312	834	22	british	british	PROPN
ftr-312	834	23	virgin	virgin	PROPN
ftr-312	834	24	islands.190	islands.190	PROPN
ftr-312	834	25	vi	vi	PROPN
ftr-312	834	26	.	.	PUNCT
ftr-312	834	27	conclusion	conclusion	NOUN
ftr-312	834	28	this	this	DET
ftr-312	834	29	article	article	NOUN
ftr-312	834	30	,	,	PUNCT
ftr-312	834	31	consistent	consistent	ADJ
ftr-312	834	32	with	with	ADP
ftr-312	834	33	previous	previous	ADJ
ftr-312	834	34	literature	literature	NOUN
ftr-312	834	35	and	and	CCONJ
ftr-312	834	36	with	with	ADP
ftr-312	834	37	the	the	DET
ftr-312	834	38	support	support	NOUN
ftr-312	834	39	of	of	ADP
ftr-312	834	40	additional	additional	ADJ
ftr-312	834	41	informal	informal	ADJ
ftr-312	834	42	interview	interview	NOUN
ftr-312	834	43	results	result	NOUN
ftr-312	834	44	,	,	PUNCT
ftr-312	834	45	presents	present	VERB
ftr-312	834	46	the	the	DET
ftr-312	834	47	default	default	NOUN
ftr-312	834	48	norm	norm	NOUN
ftr-312	834	49	of	of	ADP
ftr-312	834	50	us	us	PROPN
ftr-312	834	51	incorporation	incorporation	NOUN
ftr-312	834	52	,	,	PUNCT
ftr-312	834	53	in	in	ADP
ftr-312	834	54	particular	particular	ADJ
ftr-312	834	55	delaware	delaware	PROPN
ftr-312	834	56	incorporation	incorporation	NOUN
ftr-312	834	57	,	,	PUNCT
ftr-312	834	58	for	for	ADP
ftr-312	834	59	us	we	PRON
ftr-312	834	60	-	-	PUNCT
ftr-312	834	61	based	base	VERB
ftr-312	834	62	startups	startup	NOUN
ftr-312	834	63	.	.	PUNCT
ftr-312	835	1	the	the	DET
ftr-312	835	2	us	us	PROPN
ftr-312	835	3	incorporation	incorporation	NOUN
ftr-312	835	4	structure	structure	NOUN
ftr-312	835	5	dominates	dominate	VERB
ftr-312	835	6	.	.	PUNCT
ftr-312	836	1	however	however	ADV
ftr-312	836	2	,	,	PUNCT
ftr-312	836	3	there	there	PRON
ftr-312	836	4	are	be	VERB
ftr-312	836	5	exceptions	exception	NOUN
ftr-312	836	6	to	to	ADP
ftr-312	836	7	the	the	DET
ftr-312	836	8	general	general	ADJ
ftr-312	836	9	rule	rule	NOUN
ftr-312	836	10	,	,	PUNCT
ftr-312	836	11	for	for	ADP
ftr-312	836	12	example	example	NOUN
ftr-312	836	13	in	in	ADP
ftr-312	836	14	the	the	DET
ftr-312	836	15	insurance	insurance	NOUN
ftr-312	836	16	,	,	PUNCT
ftr-312	836	17	marine	marine	ADJ
ftr-312	836	18	transportation	transportation	NOUN
ftr-312	836	19	and	and	CCONJ
ftr-312	836	20	online	online	NOUN
ftr-312	836	21	gambling	gambling	NOUN
ftr-312	836	22	industries	industry	NOUN
ftr-312	836	23	and	and	CCONJ
ftr-312	836	24	in	in	ADP
ftr-312	836	25	isolated	isolated	ADJ
ftr-312	836	26	cases	case	NOUN
ftr-312	836	27	where	where	SCONJ
ftr-312	836	28	resources	resource	NOUN
ftr-312	836	29	permit	permit	VERB
ftr-312	836	30	and	and	CCONJ
ftr-312	836	31	investors	investor	NOUN
ftr-312	836	32	prefer	prefer	VERB
ftr-312	836	33	a	a	DET
ftr-312	836	34	non	non	ADJ
ftr-312	836	35	-	-	ADJ
ftr-312	836	36	us	us	ADJ
ftr-312	836	37	incorporation	incorporation	NOUN
ftr-312	836	38	structure	structure	NOUN
ftr-312	836	39	.	.	PUNCT
ftr-312	837	1	this	this	DET
ftr-312	837	2	article	article	NOUN
ftr-312	837	3	theorizes	theorize	VERB
ftr-312	837	4	the	the	DET
ftr-312	837	5	dominant	dominant	ADJ
ftr-312	837	6	structure	structure	NOUN
ftr-312	837	7	.	.	PUNCT
ftr-312	838	1	it	it	PRON
ftr-312	838	2	explains	explain	VERB
ftr-312	838	3	that	that	SCONJ
ftr-312	838	4	usparented	usparented	ADJ
ftr-312	838	5	mncs	mncs	PROPN
ftr-312	838	6	can	can	AUX
ftr-312	838	7	often	often	ADV
ftr-312	838	8	achieve	achieve	VERB
ftr-312	838	9	tax	tax	NOUN
ftr-312	838	10	-	-	PUNCT
ftr-312	838	11	advantaged	advantaged	ADJ
ftr-312	838	12	structures	structure	NOUN
ftr-312	838	13	and	and	CCONJ
ftr-312	838	14	may	may	AUX
ftr-312	838	15	obtain	obtain	VERB
ftr-312	838	16	other	other	ADJ
ftr-312	838	17	valued	value	VERB
ftr-312	838	18	corporate	corporate	ADJ
ftr-312	838	19	governance	governance	NOUN
ftr-312	838	20	and	and	CCONJ
ftr-312	838	21	other	other	ADJ
ftr-312	838	22	legal	legal	ADJ
ftr-312	838	23	advantages	advantage	NOUN
ftr-312	838	24	.	.	PUNCT
ftr-312	839	1	in	in	ADP
ftr-312	839	2	addition	addition	NOUN
ftr-312	839	3	,	,	PUNCT
ftr-312	839	4	liquidity	liquidity	NOUN
ftr-312	839	5	and	and	CCONJ
ftr-312	839	6	other	other	ADJ
ftr-312	839	7	resource	resource	NOUN
ftr-312	839	8	constraints	constraint	NOUN
ftr-312	839	9	support	support	VERB
ftr-312	839	10	us	we	PRON
ftr-312	839	11	incorporation	incorporation	NOUN
ftr-312	839	12	for	for	ADP
ftr-312	839	13	many	many	ADJ
ftr-312	839	14	startups	startup	NOUN
ftr-312	839	15	.	.	PUNCT
ftr-312	840	1	the	the	DET
ftr-312	840	2	dominant	dominant	ADJ
ftr-312	840	3	structure	structure	NOUN
ftr-312	840	4	is	be	AUX
ftr-312	840	5	particularly	particularly	ADV
ftr-312	840	6	entrenched	entrench	VERB
ftr-312	840	7	because	because	SCONJ
ftr-312	840	8	advisors	advisor	NOUN
ftr-312	840	9	to	to	PART
ftr-312	840	10	startup	startup	NOUN
ftr-312	840	11	firms	firm	NOUN
ftr-312	840	12	,	,	PUNCT
ftr-312	840	13	in	in	ADP
ftr-312	840	14	particular	particular	ADJ
ftr-312	840	15	lawyers	lawyer	NOUN
ftr-312	840	16	,	,	PUNCT
ftr-312	840	17	firmly	firmly	ADV
ftr-312	840	18	embrace	embrace	VERB
ftr-312	840	19	it	it	PRON
ftr-312	840	20	.	.	PUNCT
ftr-312	841	1	this	this	DET
ftr-312	841	2	article	article	NOUN
ftr-312	841	3	also	also	ADV
ftr-312	841	4	theorizes	theorize	VERB
ftr-312	841	5	the	the	DET
ftr-312	841	6	exceptions	exception	NOUN
ftr-312	841	7	to	to	ADP
ftr-312	841	8	the	the	DET
ftr-312	841	9	dominant	dominant	ADJ
ftr-312	841	10	structure	structure	NOUN
ftr-312	841	11	.	.	PUNCT
ftr-312	842	1	some	some	DET
ftr-312	842	2	us	us	PROPN
ftr-312	842	3	-	-	PUNCT
ftr-312	842	4	based	base	VERB
ftr-312	842	5	,	,	PUNCT
ftr-312	842	6	non	non	ADJ
ftr-312	842	7	-	-	ADJ
ftr-312	842	8	us	we	PRON
ftr-312	842	9	incorporated	incorporated	ADJ
ftr-312	842	10	firms	firm	NOUN
ftr-312	842	11	,	,	PUNCT
ftr-312	842	12	including	include	VERB
ftr-312	842	13	insurance	insurance	NOUN
ftr-312	842	14	firms	firm	NOUN
ftr-312	842	15	,	,	PUNCT
ftr-312	842	16	may	may	AUX
ftr-312	842	17	make	make	VERB
ftr-312	842	18	their	their	PRON
ftr-312	842	19	organizational	organizational	ADJ
ftr-312	842	20	choice	choice	NOUN
ftr-312	842	21	because	because	SCONJ
ftr-312	842	22	of	of	ADP
ftr-312	842	23	the	the	DET
ftr-312	842	24	tax	tax	NOUN
ftr-312	842	25	advantages	advantage	NOUN
ftr-312	842	26	of	of	ADP
ftr-312	842	27	non	non	ADJ
ftr-312	842	28	-	-	ADJ
ftr-312	842	29	us	us	PROPN
ftr-312	842	30	incorporation	incorporation	NOUN
ftr-312	842	31	.	.	PUNCT
ftr-312	843	1	other	other	ADJ
ftr-312	843	2	us	us	PROPN
ftr-312	843	3	-	-	PUNCT
ftr-312	843	4	based	base	VERB
ftr-312	843	5	,	,	PUNCT
ftr-312	843	6	non	non	ADJ
ftr-312	843	7	-	-	ADJ
ftr-312	843	8	us	we	PRON
ftr-312	843	9	incorporated	incorporated	ADJ
ftr-312	843	10	firms	firm	NOUN
ftr-312	843	11	,	,	PUNCT
ftr-312	843	12	including	include	VERB
ftr-312	843	13	marine	marine	NOUN
ftr-312	843	14	190	190	NUM
ftr-312	843	15	.	.	PUNCT
ftr-312	844	1	historically	historically	ADV
ftr-312	844	2	,	,	PUNCT
ftr-312	844	3	legislative	legislative	ADJ
ftr-312	844	4	restrictions	restriction	NOUN
ftr-312	844	5	relating	relate	VERB
ftr-312	844	6	to	to	ADP
ftr-312	844	7	foreign	foreign	ADJ
ftr-312	844	8	ownership	ownership	NOUN
ftr-312	844	9	of	of	ADP
ftr-312	844	10	chinese	chinese	ADJ
ftr-312	844	11	firms	firm	NOUN
ftr-312	844	12	,	,	PUNCT
ftr-312	844	13	shareholder	shareholder	NOUN
ftr-312	844	14	and	and	CCONJ
ftr-312	844	15	creditor	creditor	NOUN
ftr-312	844	16	rights	right	NOUN
ftr-312	844	17	and	and	CCONJ
ftr-312	844	18	listing	list	VERB
ftr-312	844	19	approval	approval	NOUN
ftr-312	844	20	made	make	VERB
ftr-312	844	21	non	non	ADJ
ftr-312	844	22	-	-	ADJ
ftr-312	844	23	us	we	PRON
ftr-312	844	24	ownership	ownership	NOUN
ftr-312	844	25	relatively	relatively	ADV
ftr-312	844	26	attractive	attractive	ADJ
ftr-312	844	27	.	.	PUNCT
ftr-312	845	1	see	see	VERB
ftr-312	845	2	nicholas	nicholas	PROPN
ftr-312	845	3	calcina	calcina	PROPN
ftr-312	845	4	howson	howson	PROPN
ftr-312	845	5	&	&	CCONJ
ftr-312	845	6	vikramaditya	vikramaditya	PROPN
ftr-312	845	7	s.	s.	PROPN
ftr-312	845	8	khanna	khanna	PROPN
ftr-312	845	9	,	,	PUNCT
ftr-312	845	10	the	the	DET
ftr-312	845	11	development	development	NOUN
ftr-312	845	12	of	of	ADP
ftr-312	845	13	modern	modern	ADJ
ftr-312	845	14	corporate	corporate	ADJ
ftr-312	845	15	governance	governance	NOUN
ftr-312	845	16	in	in	ADP
ftr-312	845	17	china	china	PROPN
ftr-312	845	18	and	and	CCONJ
ftr-312	845	19	india	india	PROPN
ftr-312	845	20	,	,	PUNCT
ftr-312	845	21	in	in	ADP
ftr-312	845	22	china	china	PROPN
ftr-312	845	23	,	,	PUNCT
ftr-312	845	24	india	india	PROPN
ftr-312	845	25	and	and	CCONJ
ftr-312	845	26	the	the	DET
ftr-312	845	27	international	international	ADJ
ftr-312	845	28	economic	economic	ADJ
ftr-312	845	29	order	order	NOUN
ftr-312	845	30	513	513	NUM
ftr-312	845	31	,	,	PUNCT
ftr-312	845	32	542	542	NUM
ftr-312	845	33	-	-	SYM
ftr-312	845	34	45	45	NUM
ftr-312	845	35	(	(	PUNCT
ftr-312	845	36	muthucumaraswamy	muthucumaraswamy	NOUN
ftr-312	845	37	sornarajah	sornarajah	PROPN
ftr-312	845	38	&	&	CCONJ
ftr-312	845	39	jiangyu	jiangyu	PROPN
ftr-312	845	40	wang	wang	PROPN
ftr-312	845	41	eds	eds	PROPN
ftr-312	845	42	.	.	PROPN
ftr-312	845	43	2010	2010	NUM
ftr-312	845	44	)	)	PUNCT
ftr-312	845	45	.	.	PUNCT
ftr-312	846	1	tax	tax	NOUN
ftr-312	846	2	havens	haven	NOUN
ftr-312	846	3	may	may	AUX
ftr-312	846	4	have	have	AUX
ftr-312	846	5	provided	provide	VERB
ftr-312	846	6	corporate	corporate	ADJ
ftr-312	846	7	governance	governance	NOUN
ftr-312	846	8	advantages	advantage	NOUN
ftr-312	846	9	as	as	ADV
ftr-312	846	10	well	well	ADV
ftr-312	846	11	as	as	ADP
ftr-312	846	12	tax	tax	NOUN
ftr-312	846	13	advantages	advantage	NOUN
ftr-312	846	14	.	.	PUNCT
ftr-312	847	1	see	see	VERB
ftr-312	847	2	dhammika	dhammika	PROPN
ftr-312	847	3	dharmapala	dharmapala	PROPN
ftr-312	847	4	&	&	CCONJ
ftr-312	847	5	james	james	PROPN
ftr-312	847	6	r.	r.	PROPN
ftr-312	847	7	hines	hines	PROPN
ftr-312	847	8	,	,	PUNCT
ftr-312	847	9	jr	jr	PROPN
ftr-312	847	10	.	.	PROPN
ftr-312	847	11	,	,	PUNCT
ftr-312	847	12	which	which	DET
ftr-312	847	13	countries	country	NOUN
ftr-312	847	14	become	become	VERB
ftr-312	847	15	tax	tax	NOUN
ftr-312	847	16	havens	haven	NOUN
ftr-312	847	17	,	,	PUNCT
ftr-312	847	18	93	93	NUM
ftr-312	847	19	j.	j.	PROPN
ftr-312	847	20	pub	pub	PROPN
ftr-312	847	21	.	.	PUNCT
ftr-312	848	1	econ	econ	PROPN
ftr-312	848	2	.	.	PUNCT
ftr-312	849	1	1058	1058	NUM
ftr-312	849	2	(	(	PUNCT
ftr-312	849	3	2009	2009	NUM
ftr-312	849	4	)	)	PUNCT
ftr-312	849	5	.	.	PUNCT
ftr-312	850	1	finally	finally	ADV
ftr-312	850	2	,	,	PUNCT
ftr-312	850	3	substantial	substantial	ADJ
ftr-312	850	4	foreign	foreign	ADJ
ftr-312	850	5	direct	direct	ADJ
ftr-312	850	6	investment	investment	NOUN
ftr-312	850	7	tax	tax	NOUN
ftr-312	850	8	incentives	incentive	NOUN
ftr-312	850	9	existed	exist	VERB
ftr-312	850	10	until	until	ADP
ftr-312	850	11	2007	2007	NUM
ftr-312	850	12	and	and	CCONJ
ftr-312	850	13	were	be	AUX
ftr-312	850	14	available	available	ADJ
ftr-312	850	15	if	if	SCONJ
ftr-312	850	16	investment	investment	NOUN
ftr-312	850	17	was	be	AUX
ftr-312	850	18	made	make	VERB
ftr-312	850	19	through	through	ADP
ftr-312	850	20	a	a	DET
ftr-312	850	21	non	non	ADJ
ftr-312	850	22	-	-	ADJ
ftr-312	850	23	chinese	chinese	ADJ
ftr-312	850	24	corporation	corporation	NOUN
ftr-312	850	25	.	.	PUNCT
ftr-312	851	1	see	see	VERB
ftr-312	851	2	jinyan	jinyan	PROPN
ftr-312	851	3	li	li	PROPN
ftr-312	851	4	,	,	PUNCT
ftr-312	851	5	the	the	DET
ftr-312	851	6	rise	rise	NOUN
ftr-312	851	7	and	and	CCONJ
ftr-312	851	8	fall	fall	NOUN
ftr-312	851	9	of	of	ADP
ftr-312	851	10	chinese	chinese	ADJ
ftr-312	851	11	tax	tax	NOUN
ftr-312	851	12	incentives	incentive	NOUN
ftr-312	851	13	and	and	CCONJ
ftr-312	851	14	implications	implication	NOUN
ftr-312	851	15	for	for	ADP
ftr-312	851	16	international	international	ADJ
ftr-312	851	17	tax	tax	NOUN
ftr-312	851	18	debates	debate	NOUN
ftr-312	851	19	,	,	PUNCT
ftr-312	851	20	8	8	NUM
ftr-312	851	21	fla	fla	NOUN
ftr-312	851	22	.	.	PUNCT
ftr-312	852	1	tax	tax	PROPN
ftr-312	852	2	rev	rev	PROPN
ftr-312	852	3	.	.	PROPN
ftr-312	853	1	669	669	NUM
ftr-312	853	2	(	(	PUNCT
ftr-312	853	3	2007	2007	NUM
ftr-312	853	4	)	)	PUNCT
ftr-312	853	5	.	.	PUNCT
ftr-312	854	1	360	360	NUM
ftr-312	854	2	florida	florida	PROPN
ftr-312	854	3	tax	tax	NOUN
ftr-312	854	4	review	review	NOUN
ftr-312	854	5	[	[	X
ftr-312	854	6	vol	vol	NOUN
ftr-312	854	7	.	.	PUNCT
ftr-312	855	1	14:8	14:8	NUM
ftr-312	855	2	transportation	transportation	NOUN
ftr-312	855	3	and	and	CCONJ
ftr-312	855	4	online	online	ADJ
ftr-312	855	5	gambling	gambling	NOUN
ftr-312	855	6	firms	firm	NOUN
ftr-312	855	7	,	,	PUNCT
ftr-312	855	8	may	may	AUX
ftr-312	855	9	make	make	VERB
ftr-312	855	10	their	their	PRON
ftr-312	855	11	organizational	organizational	ADJ
ftr-312	855	12	choice	choice	NOUN
ftr-312	855	13	because	because	SCONJ
ftr-312	855	14	of	of	ADP
ftr-312	855	15	non	non	ADJ
ftr-312	855	16	-	-	ADJ
ftr-312	855	17	tax	tax	ADJ
ftr-312	855	18	legal	legal	ADJ
ftr-312	855	19	advantages	advantage	NOUN
ftr-312	855	20	of	of	ADP
ftr-312	855	21	non	non	ADJ
ftr-312	855	22	-	-	ADJ
ftr-312	855	23	us	us	ADJ
ftr-312	855	24	incorporation	incorporation	NOUN
ftr-312	855	25	,	,	PUNCT
ftr-312	855	26	as	as	ADV
ftr-312	855	27	well	well	ADV
ftr-312	855	28	as	as	ADP
ftr-312	855	29	any	any	DET
ftr-312	855	30	tax	tax	NOUN
ftr-312	855	31	advantages	advantage	NOUN
ftr-312	855	32	.	.	PUNCT
ftr-312	856	1	lower	low	ADJ
ftr-312	856	2	resource	resource	NOUN
ftr-312	856	3	constraints	constraint	NOUN
ftr-312	856	4	and	and	CCONJ
ftr-312	856	5	investor	investor	NOUN
ftr-312	856	6	preference	preference	NOUN
ftr-312	856	7	for	for	ADP
ftr-312	856	8	non	non	ADJ
ftr-312	856	9	-	-	ADJ
ftr-312	856	10	us	us	ADJ
ftr-312	856	11	incorporation	incorporation	NOUN
ftr-312	856	12	,	,	PUNCT
ftr-312	856	13	for	for	ADP
ftr-312	856	14	example	example	NOUN
ftr-312	856	15	because	because	SCONJ
ftr-312	856	16	of	of	ADP
ftr-312	856	17	independent	independent	ADJ
ftr-312	856	18	sources	source	NOUN
ftr-312	856	19	of	of	ADP
ftr-312	856	20	capital	capital	NOUN
ftr-312	856	21	and/or	and/or	CCONJ
ftr-312	856	22	business	business	NOUN
ftr-312	856	23	links	link	NOUN
ftr-312	856	24	to	to	ADP
ftr-312	856	25	the	the	DET
ftr-312	856	26	jurisdiction	jurisdiction	NOUN
ftr-312	856	27	of	of	ADP
ftr-312	856	28	incorporation	incorporation	NOUN
ftr-312	856	29	,	,	PUNCT
ftr-312	856	30	also	also	ADV
ftr-312	856	31	facilitate	facilitate	VERB
ftr-312	856	32	the	the	DET
ftr-312	856	33	incorporation	incorporation	NOUN
ftr-312	856	34	of	of	ADP
ftr-312	856	35	a	a	DET
ftr-312	856	36	us	us	PROPN
ftr-312	856	37	-	-	PUNCT
ftr-312	856	38	based	base	VERB
ftr-312	856	39	firm	firm	NOUN
ftr-312	856	40	in	in	ADP
ftr-312	856	41	a	a	DET
ftr-312	856	42	non	non	ADJ
ftr-312	856	43	-	-	ADJ
ftr-312	856	44	us	us	ADJ
ftr-312	856	45	jurisdiction	jurisdiction	NOUN
ftr-312	856	46	.	.	PUNCT
ftr-312	857	1	ii	ii	PROPN
ftr-312	857	2	.	.	PUNCT
ftr-312	858	1	why	why	SCONJ
ftr-312	858	2	startups	startup	NOUN
ftr-312	858	3	’	'	PUNCT
ftr-312	858	4	place	place	NOUN
ftr-312	858	5	of	of	ADP
ftr-312	858	6	incorporation	incorporation	NOUN
ftr-312	858	7	matters	matter	NOUN
ftr-312	858	8	for	for	ADP
ftr-312	858	9	tax	tax	NOUN
ftr-312	858	10	b.	b.	PROPN
ftr-312	858	11	being	be	AUX
ftr-312	858	12	a	a	DET
ftr-312	858	13	non	non	ADJ
ftr-312	858	14	-	-	ADJ
ftr-312	858	15	us	we	PRON
ftr-312	858	16	-	-	PUNCT
ftr-312	858	17	parented	parent	VERB
ftr-312	858	18	mnc	mnc	PROPN
ftr-312	858	19	iii	iii	PROPN
ftr-312	858	20	.	.	PUNCT
ftr-312	859	1	us	us	PROPN
ftr-312	859	2	incorporation	incorporation	NOUN
ftr-312	859	3	:	:	PUNCT
ftr-312	859	4	a	a	DET
ftr-312	859	5	dominant	dominant	ADJ
ftr-312	859	6	structure	structure	NOUN
ftr-312	859	7	with	with	ADP
ftr-312	859	8	exceptions	exception	NOUN
ftr-312	859	9	a.	a.	VERB
ftr-312	859	10	us	us	PROPN
ftr-312	859	11	-	-	PUNCT
ftr-312	859	12	based	base	VERB
ftr-312	859	13	startups	startup	NOUN
ftr-312	859	14	generally	generally	ADV
ftr-312	859	15	incorporate	incorporate	VERB
ftr-312	859	16	in	in	ADP
ftr-312	859	17	the	the	DET
ftr-312	859	18	us	us	PROPN
ftr-312	859	19	a	a	DET
ftr-312	859	20	“	"	PUNCT
ftr-312	859	21	startup	startup	NOUN
ftr-312	859	22	,	,	PUNCT
ftr-312	859	23	”	"	PUNCT
ftr-312	859	24	for	for	ADP
ftr-312	859	25	purposes	purpose	NOUN
ftr-312	859	26	of	of	ADP
ftr-312	859	27	this	this	DET
ftr-312	859	28	article	article	NOUN
ftr-312	859	29	,	,	PUNCT
ftr-312	859	30	is	be	AUX
ftr-312	859	31	a	a	DET
ftr-312	859	32	relatively	relatively	ADV
ftr-312	859	33	new	new	ADJ
ftr-312	859	34	private	private	ADJ
ftr-312	859	35	business	business	NOUN
ftr-312	859	36	enterprise	enterprise	NOUN
ftr-312	859	37	with	with	ADP
ftr-312	859	38	global	global	ADJ
ftr-312	859	39	ambitions	ambition	NOUN
ftr-312	859	40	.	.	PUNCT
ftr-312	860	1	this	this	DET
ftr-312	860	2	article	article	NOUN
ftr-312	860	3	focuses	focus	VERB
ftr-312	860	4	on	on	ADP
ftr-312	860	5	initial	initial	ADJ
ftr-312	860	6	incorporation	incorporation	NOUN
ftr-312	860	7	decisions	decision	NOUN
ftr-312	860	8	of	of	ADP
ftr-312	860	9	“	"	PUNCT
ftr-312	860	10	relatively	relatively	ADV
ftr-312	860	11	new	new	ADJ
ftr-312	860	12	”	"	PUNCT
ftr-312	860	13	firms	firm	NOUN
ftr-312	860	14	and	and	CCONJ
ftr-312	860	15	not	not	PART
ftr-312	860	16	on	on	ADP
ftr-312	860	17	later	later	ADJ
ftr-312	860	18	changes	change	NOUN
ftr-312	860	19	in	in	ADP
ftr-312	860	20	a	a	DET
ftr-312	860	21	firm	firm	NOUN
ftr-312	860	22	’s	’s	PART
ftr-312	860	23	place	place	NOUN
ftr-312	860	24	of	of	ADP
ftr-312	860	25	incorpora	incorpora	NOUN
ftr-312	860	26	...	...	PUNCT
ftr-312	860	27	some	some	PRON
ftr-312	860	28	of	of	ADP
ftr-312	860	29	the	the	DET
ftr-312	860	30	material	material	NOUN
ftr-312	860	31	presented	present	VERB
ftr-312	860	32	in	in	ADP
ftr-312	860	33	this	this	DET
ftr-312	860	34	article	article	NOUN
ftr-312	860	35	,	,	PUNCT
ftr-312	860	36	including	include	VERB
ftr-312	860	37	the	the	DET
ftr-312	860	38	informal	informal	ADJ
ftr-312	860	39	interviews	interview	NOUN
ftr-312	860	40	,	,	PUNCT
ftr-312	860	41	draws	draw	VERB
ftr-312	860	42	heavily	heavily	ADV
ftr-312	860	43	from	from	ADP
ftr-312	860	44	venture	venture	NOUN
ftr-312	860	45	capital	capital	NOUN
ftr-312	860	46	experience	experience	NOUN
ftr-312	860	47	,	,	PUNCT
ftr-312	860	48	although	although	SCONJ
ftr-312	860	49	the	the	DET
ftr-312	860	50	definition	definition	NOUN
ftr-312	860	51	of	of	ADP
ftr-312	860	52	“	"	PUNCT
ftr-312	860	53	startup	startup	NOUN
ftr-312	860	54	”	"	PUNCT
ftr-312	860	55	used	use	VERB
ftr-312	860	56	here	here	ADV
ftr-312	860	57	is	be	AUX
ftr-312	860	58	not	not	PART
ftr-312	860	59	limited	limit	VERB
ftr-312	860	60	to	to	ADP
ftr-312	860	61	venture	venture	NOUN
ftr-312	860	62	-	-	PUNCT
ftr-312	860	63	backed	back	VERB
ftr-312	860	64	firms	firm	NOUN
ftr-312	860	65	.	.	PUNCT
ftr-312	861	1	other	other	ADJ
ftr-312	861	2	sources	source	NOUN
ftr-312	861	3	of	of	ADP
ftr-312	861	4	initial	initial	ADJ
ftr-312	861	5	outside	outside	ADP
ftr-312	861	6	c	c	PROPN
ftr-312	861	7	...	...	PUNCT
ftr-312	861	8	prior	prior	ADJ
ftr-312	861	9	work	work	NOUN
ftr-312	861	10	that	that	PRON
ftr-312	861	11	investigates	investigate	VERB
ftr-312	861	12	the	the	DET
ftr-312	861	13	choice	choice	NOUN
ftr-312	861	14	of	of	ADP
ftr-312	861	15	organizational	organizational	ADJ
ftr-312	861	16	form	form	NOUN
ftr-312	861	17	by	by	ADP
ftr-312	861	18	us	we	PRON
ftr-312	861	19	-	-	PUNCT
ftr-312	861	20	based	base	VERB
ftr-312	861	21	startups	startup	NOUN
ftr-312	861	22	backed	back	VERB
ftr-312	861	23	by	by	ADP
ftr-312	861	24	us	us	PROPN
ftr-312	861	25	venture	venture	NOUN
ftr-312	861	26	firms	firm	NOUN
ftr-312	861	27	observes	observe	VERB
ftr-312	861	28	that	that	SCONJ
ftr-312	861	29	us	us	PROPN
ftr-312	861	30	incorporation	incorporation	NOUN
ftr-312	861	31	,	,	PUNCT
ftr-312	861	32	particularly	particularly	ADV
ftr-312	861	33	delaware	delaware	PROPN
ftr-312	861	34	incorporation	incorporation	NOUN
ftr-312	861	35	,	,	PUNCT
ftr-312	861	36	is	be	AUX
ftr-312	861	37	the	the	DET
ftr-312	861	38	market	market	NOUN
ftr-312	861	39	norm.34f	norm.34f	PROPN
ftr-312	861	40	venture	venture	NOUN
ftr-312	861	41	capital	capital	NOUN
ftr-312	861	42	investments	investment	NOUN
ftr-312	861	43	generally	generally	ADV
ftr-312	861	44	use	use	VERB
ftr-312	861	45	stand	stand	NOUN
ftr-312	861	46	...	...	PUNCT
ftr-312	862	1	b.	b.	PROPN
ftr-312	862	2	exceptions	exception	NOUN
ftr-312	862	3	iv	iv	X
ftr-312	862	4	.	.	PUNCT
ftr-312	863	1	explaining	explain	VERB
ftr-312	863	2	the	the	DET
ftr-312	863	3	dominant	dominant	ADJ
ftr-312	863	4	structure	structure	NOUN
ftr-312	863	5	a.	a.	NOUN
ftr-312	863	6	limited	limit	VERB
ftr-312	863	7	tax	tax	NOUN
ftr-312	863	8	benefits	benefit	NOUN
ftr-312	863	9	of	of	ADP
ftr-312	863	10	a	a	DET
ftr-312	863	11	non	non	ADJ
ftr-312	863	12	-	-	ADJ
ftr-312	863	13	us	us	ADJ
ftr-312	863	14	-	-	PUNCT
ftr-312	863	15	parent	parent	NOUN
ftr-312	863	16	structure	structure	NOUN
ftr-312	863	17	c.	c.	PROPN
ftr-312	863	18	liquidity	liquidity	PROPN
ftr-312	863	19	and	and	CCONJ
ftr-312	863	20	other	other	ADJ
ftr-312	863	21	resource	resource	NOUN
ftr-312	863	22	constraints	constraint	NOUN
ftr-312	863	23	d.	d.	PROPN
ftr-312	863	24	considering	consider	VERB
ftr-312	863	25	future	future	ADJ
ftr-312	863	26	law	law	NOUN
ftr-312	863	27	changes	change	VERB
ftr-312	863	28	a.	a.	NOUN
ftr-312	863	29	tax	tax	NOUN
ftr-312	863	30	factors	factor	NOUN
ftr-312	863	31	b.	b.	PROPN
ftr-312	864	1	nontax	nontax	PROPN
ftr-312	864	2	legal	legal	ADJ
ftr-312	864	3	factors	factor	NOUN
ftr-312	864	4	c.	c.	PROPN
ftr-312	864	5	liquidity	liquidity	PROPN
ftr-312	864	6	and	and	CCONJ
ftr-312	864	7	other	other	ADJ
ftr-312	864	8	resource	resource	NOUN
ftr-312	864	9	constraints	constraint	NOUN
ftr-312	864	10	d.	d.	PROPN
ftr-312	864	11	investor	investor	NOUN
ftr-312	864	12	preferences	preference	NOUN